Latvia's euro membership agreed and exchange rate set

European finance ministers have given the go-ahead for Latvia to become the eighteenth country to adopt the euro, with notes and coins to be issued on 1 January 2014.

The exchange rate between the euro and the domestic currency, the lat, has been fixed at 0.702804 lats to one euro.

But the decision won’t necessarily be a popular one with the Latvian people. A poll from SKDS released earlier today found that just 22 per cent of Latvians support joining the euro – compared to 53 per cent in opposition.