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January 01, 2014 AT 11:48 AM
On Wednesday, as Latvia became the 18th country to join the euro, they promoted it as a sign that the currency union, even with wrenching growing pains and recent threats of a breakup, is on a long-term path to achieving its founders’ vision of continued expansion. “Despite the negative headline of the crisis, the basic promise of peace, prosperity and freedom to travel and work still have their appeal,” said Holger Schmieding, chief economist at Berenberg Bank in London. “So the process of euro enlargement has not come to an end.”