Latvia has won a resounding vote of approval from the EU executive to become the 18th eurozone state, although many ordinary Latvians seem fearful of ditching their currency.

Commending Riga for successfully steering the country out of a crisis in 2008-2009, the European Commission said in a report: “Latvia is ready to adopt the euro in 2014.”

The report will be handed to the European Parliament for approval, with finance ministers from the 17 countries sharing the single currency to formally hand down a decision on July 9 on Latvia joining on January 1.

Shrugging aside strong popular opposition to the move, Prime Minister Valdis Dombrovskis welcomed the news, saying in Riga that “joining the euro will benefit Latvia’s economy by removing currency conversion costs and raising Latvia’s credit rating”.

“Latvia is a small, open economy,” he said.

“We think euro membership will increase investment activity. We need only to look at the Estonian example where investment in the non-financial sector doubled.”

But given the eurozone’s protracted crisis, a majority of Latvians question the wisdom of abandoning the lats.

The most recent opinion poll, a May survey from TNS, said only 36 per cent of Latvians favoured switching from the lats to the euro, with 62 per cent against, although this was far less than a few months ago.

The Brussels report said the country of two million satisfied the economic conditions to join, due to its price stability and sound public finances.

Latvia’s legislation too was compatible with the rules of the Economic and Monetary Union.

But even as Riga received the glowing report, protests continued.

“People don’t want the euro. Parliament should listen to the people’s wishes,” Girts Mazurs, who launched a petition that has gathered more than 10,000 signatures, told a parliamentary committee.

Latvians agreed to eventually adopt the euro as part of the referendum ahead of their joining the European Union in 2004.