Parliament passed two laws on January 31 that will pave the way for the adoption of the single currency. The first law will establish the “golden rule” for balanced budgets, the second lays out the schedule for the changeover from the lats to the euro, which is set to take place on January 1, 2014.

Riga is planning to submit a formal request to join the euro to the Commission and the European Central Bank by the end of March.