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 On the Restoration of Independence of the Republic of Latvia The Declaration "On the Restoration of Independence of the Republic of Latvia" () was adopted on 4 May 1990, by the Supreme Soviet of the Latvian SSR. The Declaration stated that, although Latvia had "de facto" lost its independence in 1940, when it was annexed by the Soviet Union, the country had "de jure" remained a sovereign country as the annexation had been unconstitutional and against the will of the people of Latvia. Therefore it resolved that the Molotov–Ribbentrop Pact and the Soviet occupation of Latvia in 1940 were illegal,