1st of January - Eurozone joined Latvia!
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Fair Euro Introducer

To facilitate an honest and transparent implementation of the euro by businesses, as of 9 July 2014 Latvia has implemented a “Fair Euro Introducer” initiative and information campaign. The initiative is being implemented in close partnership with leading Latvian business organizations, the state Consumer Rights Protection Centre, media, and active segments of the civil society.

A businessman signing the "Fair Euro Introducer" Memorandum in Valmiera City

The “Fair Euro Introducer” initiative aims to protect the population against unjustified price hikes as a result of the introduction of the euro. All businesses in Latvia are invited to join this initiative voluntarily in order to assure their clients and partners that they engage in fair and responsible business practices.

By joining the initiative and signing its Memorandum, businesses pledge to observe laws which relate to the introduction of the euro (e.g., the transfer of the price of goods and services on the basis of the official conversion rate, the parallel posting of prices from 1 October  of this year to 1 July 1 of next year etc.).  There are, however, two other, equally important aspects. First, initiative participants confirm that they will not take advantage of the euro adoption to raise prices without justification and use the euro as an excuse.  Secondly, they become “ambassadors” of the initiative vis-à-vis their clients and partners, explaining its goals and encouraging other businesspeople to join in.

Besides public communication towards all businesses and business people as well as public bodies providing services, personal invitations were sent to 36,000 entities, which is a substantial part of the total number of businesses in Latvia. At the moment (November 2013), the initiative has attracted 1,169 participants with over 10,000 points of sale and service provision. More than 500 recommendations of businesses fit for the “Fair Euro Introducer” status have been received from the population.

A success of the “Fair Euro Introducer” campaign is the fact that all major food retail chains have signed up for the initiative. In addition, there are many smaller businesses with dozens of shops, medical service providers, pharmacies, petrol stations, as well as individual entrepreneurs who have joined the initiative.  It is expected that by year’s end, at least 3,000 businesses will sign up for the initiative.