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
Ministry of Economics (Latvia) non-governmental organizations representing entrepreneurs and other social partners. The Ministry of Economics is also responsible for introducing and supervising programs and projects for EU Structural Funds. These funds are administered by the Investment and Development Agency of Latvia, a government agency responsible for promoting business development in Latvia by facilitating the growth of foreign investment and increasing the competitiveness of Latvian entrepreneurs in domestic and foreign markets. The Investment and Development Agency of Latvia is directly subordinated to the Ministry of Economics. The Ministry of Economics oversees several government agencies in Latvia: the Investment and Development Agency of Latvia, Latvian