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 the Republic of Latvia "de jure" is a sovereign country. It observes that the Republic of Latvia proclaimed independence on 18 November 1918, and was internationally recognized in 1920, and that Latvia was admitted to membership in the League of Nations in 1921. The first country to recognize the independence of Latvia "de jure" was Soviet Russia on 11 August 1920, when the Soviet-Latvian Peace treaty was signed (it is generally considered that the independence of Latvia "de jure" was internationally recognized on 26 January 1921, when it was recognized by the Allies of World War I). The declaration notes