Latvia 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, the euro was introduced as the currency of the country and a Latvian 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. Latvia lies in Northern Europe, on
On the Restoration of Independence of the Republic of Latvia been clearly expressed by electing as a majority those deputies, who had stated that they will restore independence of the Republic of Latvia in their reelection programme. After establishing that the Republic of Latvia "de jure" is a sovereign country and that by the will of its people it should be independent, the Supreme Soviet ruled: 1. To recognize the priority of international laws over national laws. To hold to be illegitimate the treaty between the USSR and Germany of 23 August 1939, and the consequent liquidation of independence of Latvia resulting from Soviet military aggression on 17 June 1940.