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 a new edition of the Constitution of Latvia should be created. Social, economic, cultural and political rights were granted to citizens and residents of Latvia in accordance with international human rights. The declaration also stated that Latvia would form its relationship with the Soviet Union on the basis of the Latvian–Soviet Peace Treaty of 1920, in which the Soviet Union had recognized the independence of Latvia as inviolable "for all future time". The 4th of May is a national holiday in Latvia. In its beginning the Declaration establishes several historical facts and on the basis of these facts concludes that