Tuesday, January 4, 2011

Eurozone grows

With all the doom-saying about the euro, it is worth noting that January 1st saw an expansion of the eurozone, with Estonia officially adopting the euro. Its fellow Baltic republics Lithuania and Latvia are also eager to join, and aim to meet the prerequisites by 2014 at the latest

Estonia's conversion was easier than most, since its national currency, the kroon, had been pegged to the euro since 2002. Still, having the same currency as neighbour (and linguistically closely related) Finland ought to provide an economic boost. In Finland, there were some immediate benefits, as the Mint of Finland had received the order to mint Estonia's euro coins earlier this year.

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