Estonia now a eurozone nation
Source: Agencies |
January 1, 2011, Saturday
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Print Edition
Print Edition
ESTONIA was gearing up yesterday for historic New Year's festivities as the tiny country becomes the first former Soviet republic to adopt the euro, a symbolic boost for the currency tarnished by the worst crisis in its 12-year history.
The changeover was officially started at midnight yesterday, marking the beginning of the end of the Estonian kroon and a final step in the Baltic state's dogged effort to become the 17th member of the eurozone and to integrate its economy with Europe.
But the switch comes at a time of profound crisis with Europe's common currency, particularly after two members - Greece and Ireland - required emergency bailouts earlier this year to prevent their economies from slipping into insolvency.
This is why many feel that the inclusion of Estonia, whose US$19 billion economy is dwarfed by the euro's total annual output of US$12.5 trillion, holds symbolic importance.
"Estonia's accession to the eurozone is an encouraging sign for Europe as a whole because it shows the attractiveness of our common currency," Germany's Deputy Foreign Minister Werner Hoyer said in a statement.
Economists generally believe that Estonia, which has emerged from its worst economic crisis, will benefit from having the euro, though the country of 1.3 million still has painful structural reforms to implement before reaching west European living standards. The country, which achieved independence in 1991, will be the poorest member of the eurozone.
Celebrations included fireworks and a gala concert featuring the music of American composer George Gershwin, while Estonian Prime Minister Andrus Ansip was due to make one of the first bank-machine withdrawals in euros just after midnight.
The Finance Ministry said Estonia's banks and IT-systems were prepared to cope with the changeover as hundreds of ATM-machines were being loaded with euro notes.
Selected bank branches and post offices will stay open over the weekend to accommodate the switch.
The changeover was officially started at midnight yesterday, marking the beginning of the end of the Estonian kroon and a final step in the Baltic state's dogged effort to become the 17th member of the eurozone and to integrate its economy with Europe.
But the switch comes at a time of profound crisis with Europe's common currency, particularly after two members - Greece and Ireland - required emergency bailouts earlier this year to prevent their economies from slipping into insolvency.
This is why many feel that the inclusion of Estonia, whose US$19 billion economy is dwarfed by the euro's total annual output of US$12.5 trillion, holds symbolic importance.
"Estonia's accession to the eurozone is an encouraging sign for Europe as a whole because it shows the attractiveness of our common currency," Germany's Deputy Foreign Minister Werner Hoyer said in a statement.
Economists generally believe that Estonia, which has emerged from its worst economic crisis, will benefit from having the euro, though the country of 1.3 million still has painful structural reforms to implement before reaching west European living standards. The country, which achieved independence in 1991, will be the poorest member of the eurozone.
Celebrations included fireworks and a gala concert featuring the music of American composer George Gershwin, while Estonian Prime Minister Andrus Ansip was due to make one of the first bank-machine withdrawals in euros just after midnight.
The Finance Ministry said Estonia's banks and IT-systems were prepared to cope with the changeover as hundreds of ATM-machines were being loaded with euro notes.
Selected bank branches and post offices will stay open over the weekend to accommodate the switch.
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