Friday, 21 May 2010

Estonia on the way to join Eurozone in 2011

Estonia on the way to join Eurozone in 2011
Liberal International reports:
Amidst all the turmoil surrounding the Greek debt crisis, European Commissioner for Economic and Monetary Affairs Olli Rehn announced that Estonia is on track to join the single currency in January next year after maintaining low inflation, sound public finances and stable exchange rates for the last year. Commissioner Rehn, from Finnish LI Full Member Keskusta, said: “We commend Estonia for its long-standing commitment to prudent policies. To ensure that the adoption of the euro is a success, Estonia must pursue its efforts to maintain a prudent fiscal policy stance. Estonia needs to remain vigilant and react early and decisively in case signs build up of macroeconomic imbalances or losses of competitiveness.” The liberal Estonian Prime Minister Andrus Ansip from LI Full Member the Reform Party earlier said with confidence: We have made all efforts to switch to the euro, we have met all entry terms and we are an example for other countries. We have reached all euro-entry criteria in a sustainable way and expect to receive a positive stance from the European Commission on our bid to make the currency switch next year.

What a pity that politics won out over financial judgment when Greece and a couple of other countries which fudged their economic credentials were admitted to the euro.

1 comment:

Anonymous said...

Well, they've been in the Eurovision Song Contest for donkey's years.