Estonia joins the crisis-hit euro zone

Estonia has joined the euro zone, with Prime Minister Andrus Ansip becoming the first person in the country to withdraw euros from a cash machine.

The Baltic state is now the 17th member of the crisis-hit euro club. It has begun the switchover from its former currency, the kroon. Official celebrations have been held in the capital, Tallinn.

Adoption of the euro is a tangible sign of Estonia’s successful transition from a former Soviet state, which regained its independence in 1991.

The prime ministers of neighbouring Latvia and Lithuania were also in Tallinn, watching events closely. But experts think the financial crisis means it will be years before any other countries consider joining the euro zone.

As well as a new currency, Tallinn has something else to celebrate. Along with Turku in Finland, it is the 2011 European Capital of Culture.

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