The people of Latvia have voted 'for' at the referendum on Latvia's accession to the European Union (EU).

Latvia joined the EU in May.

The Bank of Latvia together with artists continues to work on the visual conception of the design of Latvia's euro coins. In this work the results of the open idea competition organised in the first half of 2004, as well as the general design specifications of the euro coins and the technical requirements of mints are taken into consideration.

At the idea competition the public opinion was clarified, namely, what the people of Latvia want to see on the reverse of Latvia's euro coins. Three motifs prevailed at the idea competition - the Monument of Freedom, a Latvian maiden featured on Latvia's 5 lats coin prior to World War II, and the coat of arms of the Republic of Latvia. These motifs are symbols of Latvia and its basic values - the people's love for their Fatherland, the longing and fight for freedom and pride in their country and people.

The Bank of The Bank of Latvia will be able to strike euro coins only after having received the assessment of the European institutions on the maturity of Latvia to join the Economic and Monetary Union. According to the current strategy, Latvia could receive such an assessment approximately in the middle of 2007. Then there would be half a year left for striking and delivering the coins by the planned euro adoption time - January of 2008.

The schedule has not been revised as yet but according to the information released by the Ministry of Finance, in 2007 the Government would discuss a new target for the changeover to the euro, tentatively in 2011-2013.

Consistently with both the Convergence Programme of Latvia for 2009-2012, whose medium-term projections support Latvia's maturity to meet the Maastricht criteria in 2012, and Latvia's Economic Stabilisation and Growth Revival Programme, the government of Latvia has set 1 January 2014 as the target for the adoption of the euro. Latvia's failure to introduce the euro as early as 2008 was on account of the high inflation, whereas at this junction meeting the budget deficit criterion is the largest challenge. The introduction of the euro in Latvia will be an issue of the EU multilateral relations affecting common interests of all EU countries. Therefore, the projected target or timeframe for the adoption of the euro will gain an official status only after the completion of all negotiations and other formal procedures.