Report from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. The introduction of the euro in Latvia

The Council decided on 9 July 2013 that Latvia fulfilled the necessary conditions for the adoption of the euro and that its derogation from participating in the single currency was to be abrogated with effect from 1 January 2014.

Latvia followed the practice of all Member States that have adopted the euro after the first changeover wave (1999–2002) and used the so-called "big-bang" changeover scenario, i.e. euro banknotes and coins acquired legal tender status on the day of euro adoption. A two-week dual circulation period, during which both euro and Latvian lats banknotes and coins circulated in parallel, allowed for the gradual withdrawal of lats cash. This successful changeover demonstrates again that a short dual circulation period is sufficient if the changeover is well prepared. A large majority of Latvians (79%) perceived the changeover as smooth and efficient.

Following the two reports of the Commission on the practical preparations of the euro changeover in Latvia , this report covers the most important aspects of the changeover process from an ex post perspective focusing on the preparations for the cash changeover, the dual circulation period, measures taken to prevent abusive price practices and erroneous price perceptions, price trends and price perceptions and communication on the euro. Where relevant, the report also sets out the Commission's recommendations on further possible action to be taken by Latvian authorities and draws conclusions which may be of value for future changeovers.

• Primary Source

EUR-Lex: COM(2014)217: Follow the progress of this report through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2014:217:FIN

ESO: Background information: A smooth euro changeover in Latvia http://www.europeansources.info/record/memo-a-smooth-euro-changeover-in-latvia/

---