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
History of Latvia state took control over cooperative societies and associations. Dairy industry was placed under control of Central Union of Dairy Farmers. On April 9, 1935 a state controlled Credit Bank of Latvia was created which reduced role of foreign capital by creating many state owned industry monopolies and joint stock companies. Buyouts and liquidations of foreign, Baltic German and Jewish owned companies become a norm. In place of many competing companies large state owned companies were created. In 1939 state owned 38 such companies. The new JSC Vairogs produced railway carriages and Ford-Vairogs automobiles under Ford licence. VEF made world's smallest