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 not valid and the Republic of Latvia is still "de jure" subject to international law as recognized by more than 50 countries. After concluding that the Republic of Latvia "de jure" is a sovereign country the Declaration makes note of previously adopted documents and explains that the Supreme Soviet is acting according to the will of inhabitants of Latvia. First it notes two previous declarations of the Supreme Soviet — "On sovereignty of state of Latvia" of 28 July 1989, which declared that the Latvian SSR will act as a sovereign state and that laws adopted by the Soviet Union