History of the euro adopting the currency on that date. In 2013 Latvia gained the support of the European Commission, Central Bank and Parliament for accession on 1 January 2014 with Latvia adopting the currency on that date. On 23 July 2014 Lithuania became the last Baltic state to gain permission to join the euro, which was adopted on 1 January 2015. The chart below provides a full summary of all applying exchange-rate regimes for EU members, since the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU was born on 13 March 1979. The euro replaced the
World currency President of the People's Bank of China, called for "creative reform of the existing international monetary system towards an international reserve currency," believing it would "significantly reduce the risks of a future crisis and enhance crisis management capability." Zhou suggested that the IMF's special drawing rights (a currency basket comprising dollars, euros, renminbi, yen, and sterling) could serve as a super-sovereign reserve currency, not easily influenced by the policies of individual countries. US President Obama, however, rejected the suggestion stating that "the dollar is extraordinarily strong right now." At the G8 summit in July 2009, the Russian president expressed Russia's