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Latvia decided that a changed design of the monument would not be as recognisable and decided to use the Latvian maiden, used on the 1 euro coin, on the 2 euro coin as well. [ 50 ] For the design of images on the common side and a detailed description of the coins, see euro coins .
In Europe, the euro is used in 26 countries (including Kosovo), while the Swiss franc is used in two countries. All 23 other widely recognized states each have their own national currency. All 23 other widely recognized states each have their own national currency.
Several European microstates outside the EU have adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements were reached with Monaco, San Marino, and Vatican City by EU member states (Italy in the case of San Marino and Vatican City, and France in the case of Monaco) allowing them to use the euro ...
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The euro has dived to its lowest level against the dollar in 20 years, underlining the sense of foreboding in the 19 European countries that use it.
Several countries use a crawling peg model, wherein currency is devalued at a fixed rate relative to the dollar. For example, the Nicaraguan córdoba is devalued by 5% per annum. [24] Belarus, on the other hand, pegged its currency, the Belarusian rubel, to a basket of foreign currencies (U.S. dollar, euro and Russian rouble) in 2009. [25]
The euro is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. [29] [30] Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group.
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, [ 33 ] a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. [ 34 ]