Economic history of Spain the European community ever since. The country was a leading proponent of the EU single currency, the euro, long before it had been put into circulation. Together with the other founding euro members, it adopted the new physical currency on January 1, 2002. On that date Spain terminated its historic peseta currency and replaced it with the euro, which has become its national currency shared the rest of the Eurozone. This culminated a fast process of economic modernization even though the strength of the euro since its adoption has raised concerns regarding the fact that Spanish exports outside the European
History of the euro adopting the currency on that date. In 2013 Latvia gained the support of the European Commission, Central Bank and Parliament for accession on 1 January 2014 with Latvia adopting the currency on that date. On 23 July 2014 Lithuania became the last Baltic state to gain permission to join the euro, which was adopted on 1 January 2015. The chart below provides a full summary of all applying exchange-rate regimes for EU members, since the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU was born on 13 March 1979. The euro replaced the