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
Flag of Latvia Flag of Latvia The national flag of Latvia () was used by independent Latvia from 1918 until the country was occupied by the Soviet Union in 1940. Its use was suppressed during Soviet rule. Shortly before regaining its independence, Latvia re-adopted on 27 February 1990 the same red-white-red flag. Though officially adopted in 1923, the Latvian flag was in use as early as the 13th century. The red colour is sometimes described as symbolizing the readiness of the Latvians to give the blood from their hearts for freedom and their willingness to defend their liberty. An alternative interpretation, according to