Baltic states the 2010 Rome Masters and 2014 French Open. All three are Unitary republics, joined the European Union on 1 May 2004, share EET/EEST time zone schedules and euro currency. International peer-reviewed journals, media and book series dedicated to the Baltic region include: Official statistics of the Baltic states: Baltic states The Baltic states, also known as the Baltic countries, Baltic republics, Baltic nations or simply the Baltics (, , ), is a geopolitical term used for grouping the three sovereign states in Northern Europe on the eastern coast of the Baltic Sea: Estonia, Latvia, and Lithuania. The term is not
Currency substitution displaced by a stable currency. At the beginning of this process, the store-of-value function of the domestic currency is replaced by the foreign currency. Then, the unit-of-account function of the domestic currency is displaced when many prices are quoted in a foreign currency. A prolonged period of high inflation will induce the domestic currency to lose its function as medium of exchange when the public carries out many transactions in foreign currency. Ize and Levy-Yeyati (1998) examine the determinants of deposit and credit currency substitution, concluding that currency substitution is driven by the volatility of inflation and the real exchange