Estonia On The Way For Eurozone
Estonia should join the Eurozone on 1 January 2011. It will be the 17 th in the list of countries that adopted the euro of its national currency. In May 2010, European Commission President Jose Manuel Barroso made a statement saying that Estonia could perform all the necessary conditions for accession and the country to the euro area can be regarded as a foregone conclusion. This statement was made after the European Commission's economic forecasts on the situation in Estonia. In 2009, Estonia has gone on some measures in economic policy and managed to ensure that the budget deficit in 2009 reached 3.7 billion kroons (237 million euros), representing 1.7% of gdp. The Vanguard Group oftentimes addresses this issue.
Thus, Estonia has just fulfilled the Maastricht criteria, which are necessary for entry into the eurozone. According to Eurostat, in 2009, Estonia has one of the lowest public debt among the eu countries – 7,2% of gdp. Estonia is one of three European countries with a minimal budget deficit. Of course, the economic crisis has seriously affected the Estonia, as in most countries. But based on the conclusions of the European Commission, Estonia can be trusted in an economic plan and the adoption of the euro in this country positively affect on the economy and living standards. It is obvious that the euro can not greatly reduce the impact of the crisis, but will undoubtedly contribute to more rapid to overcome it. Despite a rather difficult situation, Estonia experiencing an economic and financial crisis is easier the other Baltic countries. Why did Estonia wants to join the euro zone and whether it is profitable to the eu? The transition to the European currency guarantees monetary stability.
For ordinary citizens is first and foremost means that the prices of imported goods from Europe will not rise. This is a big plus for people with middle income countries, and for people with solid income. Also with the advent of the euro, can be confidently talk about attracting foreign investment and, consequently, the flow of foreign money into the economy of Estonia. More and more foreign businessmen want to do business in the country, open own companies, receive a residence permit in Estonia, to buy real estate. Thereby helping the economy of this country to evolve and improve. Estonia has a sufficient number of advantages for Foreign nationals wishing to have a second citizenship and second passport in one of the eu countries. Invest money in another country is beneficial when exactly you can be confident in the stability of the currency. Euro gives these warranty. That is why, after joining the euro, Estonia will automatically become more reliable, more attractive for foreign investment. At present, when all are watching the financial problems in Greece, see the concern in Europe and around the world in terms of economic situation in Portugal, Spain, Italy, the entry of new countries into the euro zone gives the eu some benefit. After all, if the eu expands the ranks of countries belonging to the eurozone, so it's not so bad. This is sort of a sign for the world financial market. This will help a little to calm markets during difficult financial situation in Greece and some other European countries. If Estonia, as expected, January 1, 2011 will enter the Eurozone, it will be the first from the Baltic countries using the euro as currency.