Latvia is set to join the eurozone next year and will also adopt the euro in 2014.
The Baltic state will become the 18th member of the eurozone next summer after its membership bid won the approval of the European Commission.
Latvia will start using the euro from the beginning of next year and officials pointed to previous claims the eurozone would collapse because of the debt crisis.
EU Economic and Monetary Affairs Commissioner Olli Rehn explained it is a positive sign for the state of the eurozone that Latvia has been so keen to sign up to use the single currency.
"Those who predicted a disintegration of the euro…were simply wrong," Mr Rehn told a news conference held today (June 5th).
Earlier this week, chairman of the European Central Bank Mario Draghi, in a speech prepared for the International Monetary Conference in Shanghai, insisted that the eurozone's economic recovery is on the right track.
This is despite the fact much of the continent remains in recession in the wake of the global financial downturn.
Learn about the sterling and forex trading at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.