Latvia to become 18th eurozone member from 2014

Latvia will become the 18th country to use the euro after being approved for membership by the European Commission.

In a report, the Commission confirmed that the Baltic state had met the criteria for joining the single currency.

Officials hope the news will show the eurozone is set to grow despite a three-year sovereign debt crisis.

Latvia is keen to strengthen ties with western Europe and reduce its dependency on Russia.

'Widespread enthusiasm'
The country will start using the currency at the beginning of 2014 after meeting the criteria for membership, including low inflation and long-term interest rates, as well as low public debt.

The news came as no surprise after officials said the decision would be "positive" earlier in the week.

The BBC Brussels correspondent, Matthew Price, said that unlike some established members of the zone, Latvia was well within the economic limits set by Brussels for joining.

"In much of Eastern Europe there's widespread enthusiasm - certainly among policy makers - for joining the single currency," he noted.

"However, polls suggest that many in the country are worried the switch could drive prices higher."

Anti-euro parties won more than half of the vote in elections in the capital, Riga, last weekend.