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Estonia to adopt euro in 2011

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Estonia to adopt euro in 2011

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Estonia is set to become the first Baltic country to join the eurozone.

Despite the crisis affecting the bloc, EU finance ministers meeting in Luxembourg say Estonia will adopt the euro in 2011 as it meets all the criteria and has committed to tough fiscal policies and structural reform.

Estonia, will become the Eurozone’s 17th member. It currently has a deficit of 2.4 percent and its debt is practically non-existant at 9.6 percent.

The next euro zone enlargement is not expected for another four years as other candidates such as the Czech Republic, Hungary and Poland have high budget deficits, inflation or both.

Tensions in the eurozone have also dampened enthusiasm among some politicians from candidate countries.