Latvian euro coins
Encyclopedia
Latvian euro coins feature three separate designs. The design of the national side was made public in July 2006 on the home page of the National Bank of Latvia. The designs featured will be the Latvian maiden
(which featured on the 5 lats coin prior to World War II
) on the 1 and 2 euro coins, the greater Coat of arms of Latvia
on the 10, 20 and 50 cent coins, and the lesser Coat of arms of Latvia on the 1, 2 and 5 cent coins.
Originally, the Freedom Monument
was planned to be featured on the €2 coin, but as the original design did not meet the regulations of the ECB (it reached out into the ring of the coin and changed one of the stars), it had to be changed; Latvia decided that a changed design of the Monument would not be as recognisable and decided to use the Latvian maiden on the €2 coin, as well.
Latvia
has been a member of the European Union
since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union
, but it has not completed the third stage of the EMU and therefore still uses its own currency
, the Latvian lats
. Latvia had originally planned to adopt the euro
as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2012 at the earliest, while the head of the National Bank of Latvia has suggested that 2014 may be a more realistic date.
. These "coins" must be regarded as pattern pieces: they have no official status or sanction.
originally required that all members of the European Union
join the euro once certain economic criteria
are met. Latvia meets 3 out of the 5 criteria.
Milda
Milda may refer to:* Milda, the Lithuanian goddess of love and of freedom* Milda, the nickname of maiden depicted on Latvian money and hallmarks, also nickname of the Monument of Freedom in Riga*Milda, Germany, a municipality in Thuringia, Germany...
(which featured on the 5 lats coin prior to World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
) on the 1 and 2 euro coins, the greater Coat of arms of Latvia
Coat of arms of Latvia
The Latvian national coat of arms was formed after the proclamation of an independent Republic of Latvia on November 18, 1918, and was officially adopted on June 16, 1921. It was especially created for its independent statehood...
on the 10, 20 and 50 cent coins, and the lesser Coat of arms of Latvia on the 1, 2 and 5 cent coins.
Originally, the Freedom Monument
Freedom Monument
The Freedom Monument is a memorial located in Riga, Latvia honoring soldiers killed during the Latvian War of Independence . It is considered an important symbol of the freedom, independence, and sovereignty of Latvia...
was planned to be featured on the €2 coin, but as the original design did not meet the regulations of the ECB (it reached out into the ring of the coin and changed one of the stars), it had to be changed; Latvia decided that a changed design of the Monument would not be as recognisable and decided to use the Latvian maiden on the €2 coin, as well.
Latvia
Latvia
Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden...
has been a member of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
since 1 May 2004 and is a member of the Economic and Monetary Union of the European Union
Economic and Monetary Union of the European Union
The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...
, but it has not completed the third stage of the EMU and therefore still uses its own currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
, the Latvian lats
Latvian lats
The lats is the currency of Latvia. It is abbreviated as Ls. The lats is sub-divided into 100 santīmi ....
. Latvia had originally planned to adopt the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2012 at the earliest, while the head of the National Bank of Latvia has suggested that 2014 may be a more realistic date.
Latvian euro design
For images of the common side and a detailed description of the coins, see euro coinsEuro coins
There are eight euro coin denominations, ranging from one cent to two euros . The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different...
. These "coins" must be regarded as pattern pieces: they have no official status or sanction.
Status
The Maastricht TreatyMaastricht Treaty
The Maastricht Treaty was signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty...
originally required that all members of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
join the euro once certain economic criteria
Convergence criteria
The euro convergence criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union and adopt the euro as their currency...
are met. Latvia meets 3 out of the 5 criteria.
| Convergence criteria | |||||
| | Inflation rate Inflation rate In economics, the inflation rate is a measure of inflation, the rate of increase of a price index . It is the percentage rate of change in price level over time. The rate of decrease in the purchasing power of money is approximately equal.The inflation rate is used to calculate the real interest... 1 | | Government Government Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized... finances | | ERM II European Exchange Rate Mechanism The European Exchange Rate Mechanism, ERM, was a system introduced by the European Community in March 1979, as part of the European Monetary System , to reduce exchange rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of... membership | | Long-term interest rate Interest rate An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for... 2 |
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| annual government Government Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized... deficit to GDP Gross domestic product Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living.... | gross government debt Government debt Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government... to GDP Gross domestic product Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living.... |
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| Reference value | max 1.0% | max 3% | max 60% | min 2 years | max 6.0% |
 LatviaLatvia Latvia , officially the Republic of Latvia , is a country in the Baltic region of Northern Europe. It is bordered to the north by Estonia , to the south by Lithuania , to the east by the Russian Federation , to the southeast by Belarus and shares maritime borders to the west with Sweden... (May 2010) |
0.1% | 8.6% | 48.5% | Yes | 12.7% |
| 1 No more than 1.5% higher than the 3 best-performing EU member states. HICP rate as published by the ECB. 2 No more than 2% higher than the 3 best-performing EU member states. |
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