As the lackluster election campaign drags on, and we are subjected to more and more promises that will either remain unfulfilled or swell our already burgeoning public debt, crisis hit Latvia is preparing to become the 18th country to join the eurozone.

Latvia has not had it easy. It has been in recession for years and has needed bailouts to prop up its economy which has stagnated and led to mass unemployment.

But this relatively poor country on is hurtling toward full membership of the eurozone within the year.

Latvia, which became independent from the former Soviet Union in 1991, intends to send a formal request to the European Union next month asking permission to adopt the euro.

Latvia's center-right government believes that becoming a member of the euro bloc will attract investors to the small, open economy that at the start of the global financial crisis, between the years 2008 to 2010, saw economic activity collapse by nearly 25 %.

The country had to borrow €7.5 billion in bailout funds from lenders such as the EU and International Monetary Fund in order to avoid bankruptcy. In return, the country had to enact painful austerity measures.

Given the problems that are blighting the eurozone, it may come as somewhat of a surprise to find a country even mulling the possibility of joining. Latvia's neighbour Estonia was the last country to adopt the euro at the start of 2011.

Latvia’s Prime Minister Valdis Dombrovskis said introducing the euro was part of Latvia's strategy to cope with the economic crisis. He argues that foreigners will consider the country a more attractive proposition to do business and local entrepreneurs will save money on currency transactions.

Doing business has not been a hallmark of the eurozone of late as a number of countries have struggled to convince investors they have a strategy to deal with their debts.

Opinion polls in the country of 2 million do show that a majority believes there's no need to rush since Latvia — which would be the poorest euro member in terms of GDP per capita — may have to contribute to the bailouts that have become such a feature of euro politics over the past few years. Although the Latvian government is enthusiastic, a poll by the TNS agency in December showed that 60 percent of Latvians aged 18 to 55 were against adopting the euro.

European officials have said that Latvia has a good chance to join. The country meets the key criteria on debt, deficit levels, and inflation, and the economy is growing strongly, which would make it some sort of a standout in relation to its potential euro partners. Latvia's economy is expected to have grown approximately 5.5 % last year, making it the fastest growing economy in the EU. So what signal does that give on a pan-European level? The EU, and the eurozone’s acceptance of Latvia’s application would signal that all is not as bad as the doomsayers are portraying the situation to be. As for Latvia, it would also deliver a message insomuch that it believes that being part of the eurozone is positive as it would facilitate investment. Time will tell. But with an already high inflation rate, the country could be biting off more than it could chew if it leads to price increases – as it did here, and anywhere else when and where it was introduced.