European Union leaders have endorsed Latvia's bid to adopt the common currency, the euro, on 1 January 2014. The country won approval from the European Central Bank at the beginning of June. At the time Brenda Kelly of IG Group said that this was "a bit like getting a last minute Titanic ticket".
With a population of just over 2m, the small economy joins neighbouring Estonia which entered the union in 2011. Lithuania has hopes of joining in 2015.