The euro has become an 18-nation shared currency in the first day of the year as Latvia joined euro area member states. But not all are excited about the news as half of Latvians, it seems, stand in opposition to the currency on fears of price hikes.

The citizens of the former Soviet republic suffered through the worst depression in 2008-2009 when the economy shrank by more than a fifth. In efforts to shore up the country’s finances and keep at pace with the Euro, Prime Minister Valdis Dombrovskis followed a bailout programme that mandate austerity measures equalling 16 percent of Latvian gross domestic product. In the third quarter of last year the nation’s economy exhibited the highest pace of growth in the EU at 4.5 percent.

Finance Mister Andris Vilks, who set the adoption of the euro as one of Latvia’s key goals announced on Wednesday: “Today is a very important day for Latvia, difficult to imagine three or four years ago. Everything is just beginning for Latvia.”

Latvia became the fourth former communist country in the euro after Slovakia, Slovenia, and Estonia, an effort the nation’s politicians kept at for over 20 years. Not everyone, however, agrees with the ruling powers. The move has double the opponents than it has supporters among a population of 2 million, according to opinion polls. Major fears of an increase in prices and new financial responsibilities for the country in the currency union make many Latvians pessimistic about future prospects.