Report from the Commission.Twelfth Report on the practical preparations for the future enlargement of the euro area.

Abstract

Since the adoption of the euro by Estonia on 1 January 2011, the euro area consists of seventeen EU Member States. Among the remaining eleven Member States, nine Member States are expected to adopt the euro once the necessary conditions are fulfilled. Denmark and the United Kingdom have a special "opt-out"-status and are not committed to adopt the euro. This report assesses the state of play of the practical preparations for introducing the euro in Latvia and evaluates the progress made in preparing the changeover related communication campaign. Following the Council decision from 9 July 2013 concluding that the necessary conditions for euro adoption are fulfilled, Latvia will adopt the euro on 1 January 2014 ("€-day"). The conversion rate between the Latvian lats and the euro has been irrevocably fixed at 0.702804 Latvian lats to one euro.