Approximately 72% of Latvian citizens are Latvian, while 20% are Russian; less than 1% of non-citizens are Latvian, while 71% are Russian. The government denationalized private property confiscated by the Soviets, returning it or compensating the owners for it, and privatized most state-owned industries, reintroducing the prewar currency. Albeit having experienced a difficult transition to a liberal economy and its re-orientation toward Western Europe, Latvia is one of the fastest growing economies in the European Union. In 2014, Riga was the European Capital of Culture, Latvia joined the eurozone and adopted the EU single currency euro as the currency of the country and Latvian Valdis Dombrovskis was named vice-president of the European Commission. In 2015 Latvia held the presidency of Council of the European Union. Big European events have been celebrated in Riga such as the Eurovision Song Contest 2003 and the European Film Awards 2014. On 1 July 2016, Latvia became a member of the OECD.