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 was unsustainable; many banks in the Baltic states found themselves "trapped" with high debts denominated in euros. When the housing price in the Baltic states crashed, banks in the Baltic States were unable to re-pay their debts due to high non-performing loans and lacked of liquidity to sufficiently cover their debts to the parent banks. Following the integration with the European Union, the Baltic States enjoyed strong economic growth and subsequently among the fastest economic growth in Europe. Thus, the Baltic States emerged as the top destinations for foreign direct investment (FDI). Generally majority FDI into the Baltic States was