Latvian euro coins minted in Stuttgart except the 1 cent, 10 cent and 1 euro coins, which were minted in Karlsruhe. The production of Latvian euros began in July 2013. Latvian euro coins Latvia replaced its previous currency, the lats, with the euro on 1 January 2014, after a European Union (EU) assessment in June 2013 asserted that the country had met all convergence criteria necessary for euro adoption. The adoption process began 1 May 2004, when Latvia joined the European Union, entering the EU's Economic and Monetary Union. At the start of 2005, the lats was pegged to the euro at Ls
Baltic states housing bubble to housing bubble in the Baltic states. Another direct outcome from the "cheap" credit abroad guided the banks to engage in imprudent lending supported by its parent banks. As the interest rate has been free-falling in the Baltic states, the real interest rate on deposit has been dwindling. Throughout the housing bubble period in the Baltic states, the deposit to loans ratio continued to widened – far higher than the entire Euro Area. For that reason, banks in the Baltic states have to borrow abroad heavily denominated in Euros before passing the currency risk to potential customers. As such move