Estonia joins the euro club - ARD
growth amid the worst crisis to date: Estonia leads the year in 17th Country adopts the euro. The new club member is a real model student, with low debt and a lower deficit - and is welcomed as a sign of confidence in the ailing currency.
By Martin Bean, MDR-radio Studio Brussels
anticipation for business people: € a decoration in a shop window in Parnu they often have been ringing the death bell to the € as the euro gets a new family member. If the nearly half million Estonians have traded in the New Year their crown against the euro, then people pay by 17 states with the single currency. For European Commission President Jose Manuel Barroso this is a very welcome sign of "confidence in the future of the euro".
But can the club to increase the contract - at a moment in which a number of heavily indebted countries can be preserved only by a piece spanned rescue from bankruptcy? EU Economic Affairs Commissioner Olli Rehn sees the Estonians not a burden but a benefit: "The state of public debt in Estonia is exemplary, the total debt compared to the economy is in the EU countries average 75 percent, in Estonia there are 7.5 per cent.." Estonia this year - in addition to Luxembourg - the only country, which satisfies the stability pact prescribed three-percent limit for budget deficits.
- Estonia leads on 1 January 2011 the euro as new national currency, tagesthemen 23:15 clock [Christian Blenker, ARD Stockholm]
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"The Estonians have long been the de facto €"
Also, the Green MEP and financial expert Sven Giegold sees the accession of the Baltic model pupil as a mere formality. "'ve Estonians in fact long since adopted the euro, if they take there credit, they do so usually in euros, the currency is stable against the euro for a long time, why have all.. understand decisions of the European central bank must at all times. They were in fact a € satellite. "
The government in Tallinn has for years done everything to go from the satellite to the club member. As the Estonian economy slumped in the wake of the global financial crisis, resistance to the temptation to devalue the crown. Instead, the motto was: save iron. The public sector wages and social benefits were cut dramatically.
The former Estonian foreign minister and current MEP Kristiina Ojuland explains why their country will have the euro observed: "We have great expectations that investors are attracted, they have more confidence in a country whose currency is not back and can waver. "
hope for new investors
fact, long since Euro-Land: The head of the Estonian Central Bank, Andres Lipstok addition, it is hoped in Tallinn that lower interest rates will rise in the euro area investment boost . Even Sven Giegold views accession to the euro club in principle to make sense: "Swimming with a small currency in these uncertain times in global financial system is a very unpleasant event So, has a small currency it is very difficult in these times.."
Estonia to Slovenia and Slovakia, the third country of the former Soviet bloc that could qualify for the euro. But that might now have been for many years and the latest addition. Either because the meeting is moved ahead of the candidate translations in the economic crisis into the distance or because the pleasure is lost to the euro.
No other candidate in sight
in the economically most prepared Czech Republic is both a clear majority of the population and the government against monetary union. Although Poland is still determined, but so Ministerräsident Donald Tusk, you will not be on the way to € rush. The Hungarian Prime Minister Viktor Orban is holding a candidate, given the current economic problems of his country at the earliest realistic in ten years. For Bulgaria and Romania is likely even this time horizon too optimistic.
most ambitious show yet the other Baltic states of Latvia and Lithuania. But even there is 2014 as the earliest conceivable date.