On 1 May 2004, Latvia joined the European Union. In December 2007, it joined the Schengen area, and in 2014, it joined the eurozone. Today, Latvia has become the eastern border of the European Union and a busy transit point thanks to its ice-free ports, railways, and Riga airport. The country’s capital is also its political, economic, and cultural center, and that’s because more than a third of Latvia’s population (over 700,000 people) live and work in Riga.
After joining the EU, the country is booming. Since joining the EU in 2004, Riga has attracted foreign direct investment of almost €10bn.
Latvia held a referendum on the country’s accession to the larger European community in 2003, and most citizens said a firm ‘Yes’ to euro membership. Latvian citizens fully experience the benefits of this partnership. Latvia is allocated approximately €1 billion a year from the EU budget. Latvia’s contribution to the EU budget is €200 million.
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This article is part of the “Moldova Chooses Europe” campaign launched by the REALITATEA Press Group, in which we tell the story of the path EU Member States have traveled in European integration and the economic growth recorded as an accession result.