Eminent Estonians may have euro in 2011

The European Commission suggested Estonia to join euro zone in 2011. The Baltic state has now fulfilled the Maastricht criterias that required to adopt the common currency. An analyst from BruxInfo stated, there is no inflation in Estonia, the budget deficit is abudantly below the criteria and essentially there is no debt piled up by the country.

The EU has highlighted Estonia from the other Eastern European member states. Momentarily Estonia is the only country which is prepared and qualified to introduce euro – claimed Gyorgy Foris, analyst of BruxInfo.

Estonia has earned the decision, because it fully accomplished the four Maastrich criterias that are required in order to join euro zone.

There is no inflation, we could rather talk about deflation in Estonia’s case, the budget deficit was 1,7% last year and after the crisis it doesn’t seem that it will be higher than the projected 2,5%. The goverment’s internal debt in 2009 was 7,2% and this year it only lifted by 0,3 percent – commented Foris.

For comparison, in Hungary this figure is around 70 percent – said the analyst, He added, the level of  bank base interest in Estonia is also fall off from the dangerous rate.

Except Estonia, there is no other country in the European Union which are meeting these criterias according to Foris.

To join the eurozone is also a question of intent – stated the expert who mentioned the Czech Republic as an example. According to his view in Czech Republic there is some kind of euroscepticism and the Poles are hesitating as well. There is currently no unambigous intention to join euro zone in any of the countries which would be capable for it – layed down the analyst.

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