May 27, 2012
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EU: Estonia could join euro in 2011
13 May 2010 / AP, BRUSSELS
Estonia on Wednesday won European Union backing to adopt the euro currency next year after the EU’s executive commission says it meets key economic tests.
Estonia has made “determined and efficient efforts” to keep its debt, deficit and inflation rates within EU limits, a European Commission report said. The Baltic nation of 1.3 million people will need to win the support of the EU’s 27 governments to enter Europe’s currency union in 2011. It would then become the 17th country to use the euro, joining a 9 trillion euros economy with some 327 million people.
EU Economy Commissioner Olli Rehn said Estonia “stands out” from other eastern European nations who plan eventually to join the euro because of its “long-standing commitment to prudent policies.”
“Estonia ... is ready to adopt the euro on Jan. 1, 2011,” he said in a statement. None of the other eight prospective euro candidates -- including Poland and Hungary -- are ready to enter the currency, the commission said. Rehn said Estonia’s membership would be “a strong signal about the euro area” after recent weeks when the euro has plunged in value against the dollar over market worries that Greece and other indebted eurozone nations could default on their soaring debt without a bailout.
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