Latvia has formally applied to join the Eurozone.

At a ceremony in Riga on 4 March, Prime Minister Valdis Dombrovskis, Finance Minister Andris Vilk, and central bank governor Ilmars Rinkevics signed the document enabling Latvai to become the 18th Eurozone member.

Speaking after the ceremony, Vilk said “faster economic growth is possible if Latvia is inside the Eurozone”.

The country is hopeful of adopting the euro on 1 January 2014.

Last week, the European Commissi...