Estonia's Entry Expands Euro Into Former Soviet Union

[pampango]

Source: Bloomberg

Estonia entered the euro area with “no glitches” in banking and retail, shrugging off the sovereign debt crisis rippling through Europe to extend the currency block into the former Soviet Union.

Wedged between Russia and Latvia on the Baltic Sea, Estonia is the 17th country to switch to the currency. Gross domestic product of 14 billion euros ($19 billion) makes it the second- smallest euro economy after Malta.

“The New Year came exactly like the Estonian central bank and its partners had planned,” deputy central bank Governor Rein Minka told a news conference in Tallinn, the capital, today. “There were no glitches with adopting the euro or with technical systems. The new money reached all the places it was supposed to.”

As Europe grapples with the financial crisis, Estonia may be the last addition to the euro club for several years. Lithuania and Latvia, the next in line, aim to adopt the currency in 2014, while bigger eastern countries have shied away from setting target dates.

Read more: http://www.bloomberg.com/news/2011-01-01/estonia-joins-euro-club-as-currency-expands-east-into-former-soviet-union.html

[dipsydoodle]

1. What's actually needed

is for Russia to adopt the Euro. That would cause some fun.

[Ghost Dog]

6. Sure would.

But that opportunity is long gone now.

[Agent William]

2. Just to add...

I'm quite glad we'll never join the Euro. The decision not to looks better and better every day.

POUND STERLING FOREVER...

[Ghost Dog]

3. UK has no reason to scrap Sterling in favour of the Euro,

and no good reason to be a member of the EU either, right, just William?

[Agent William]

4. Yup

I like your thinking. I've been saying that for years. It's an excellent idea to have a pan-European trade agreements and understanding, but the Brussels simply has too much power. It irritates me how many of our laws (and other EU nations) are usurped in order to please a small number of largely unelected officials. The European Union should be there to promoted trade and peace, not to try and merge countries into a confederation. I do have a gut feeling that the EU is needed on the continent to guarantee peace given Europe's past. We can still cooperate with the EU without adopting there doomed currency. That said, I still maintain that the long-term prognosis is still positive.

[Ghost Dog]

5. Appreciate your moderation there, William. But you misunderstand.

UK out of Europe means, of course, no special trade privileges for UK in Europe. In fact, on the basis of present and historical UK self-centered (and US-pandering), deeply corrupt financial, verging on seditious, in EU terms, behaviour, displaying zero solidarity with the rest of Europe: the opposite. Bunch of poorly-educated football (soccer)- and WWII-obsessed Thatcher-Reaganite out-of control boozers and whiners: the opposite.

Restricted travel rights, high commissions every time you exchange your currency for ours, limited access for you to markets in the largest and most sophisticated economy in the world. Let UK see if it can at least do honest business with its ex-colonies, at the most. Or, did you expect to continue to have cake and eat it, without contributing anything, in fact while continuing to attempt to sabotage, the bakery?

Legal action to bring to account your leaders guilty of crimes against humanity and for many of your bankers, auditers and associated fellow-travellers for outright fraud.

And, ah: I said UK. For how long? Freedom for Scotland, Northern Ireland and for Wales, naturally. And freedom for the already-destroyed BBC (if only - pardon the irony - World Service my arse) as well.

If you don't mind me saying as much, mate. I'm that disappointed, which is why I'm a long-standing self-exile.

Bottom line: we agree: kick UK out of Europe.

Edit: I see you say you're from I was born, 56 years ago: Huddersfield, Yorkshire. So you'll appreciate straight talk. :hi:

Isn't your flag upside-down, btw?

[mwooldri]

7. IIRC the flag is one of the standard DU icons.

And no, it isn't upside down last I checked.

As for UK out of EU, I don't agree entirely. It does not make sense for the UK to scrap the Pound and join the Euro, especially right now - because if Ireland was on their own currency they could have done a bit more to hide their fiscal crisis. The UK can to some extent control the fiscal crisis more because of the fact that Sterling is still around and it can be manipulated as such.

I would say UK into EFTA. EFTA still exists... free trade agreements, European Line for customs, as such...

[Agent William]

8. ...

I'm not sure what to say really. Every country has it's corruptness and short comings and the countries that make up the EU are certainly no different, look at Italy for instance. Corruption aside, the UK has a far better outlook than many nations on the continent. Also many countries (even in Europe) have a certain level of protectionist policies, it's noting new. I.e. German trades unions and most within the German government are looking out for German interests as they should, with a secondary emphasis placed on providing for the EU.

I'm not sure what you're getting at with your opening lines, but I do take it that you're not making us out to be ignorant heathens covering up for proto-Hitler leaders... That would be a bit beyond the pale. I don't disrespect Europeans, although I do think that they are a fascinating and diverse bunch.

Last time I checked, most every country in the world has some sort of blood on its hands. I really do mean EVERY country. If you're making reference to Blair as a war criminal, OK I see and that is an argument to be made. Especially after I saw him speak to Parliament and basically claim that he himself convinced Bu$h to invade Iraq...

You completely lost me with this whole Scott's/Welsh/NI nationalist shite. Freedom from who, are there English tanks in Glasgow?? Here's a not so bold prediction, the United Kingdom will outlast the EU, I'm going down to Ladbrocks latter on today to get that bet down. Welsh nationalism is a joke, ask a Welsh person. Scott's nationalism is not far behind. The SNP exploits a collapse in Labour and distrust of Tories (for some reason :eyes: ) for electoral gains, which by no means demonstrates sympathy for 'independence'. I don't even think the concept of Scottish independence enjoys a plurality of true support. Rightfully so. Although I'm sure Scotland could survive on its own outside the UK, the standard of life and freebies would start to disappear. North Sea oil is gone. Scotland did get its fair share. As a student I can tell you they did/are. They pay nothing for tuition/drugs and have better services. When that oil dries up, they'll be in the same boat as us in England. I could go on and on about the pitfalls of Scott's nationalism, but I really don't feel I need to. I just lol'd when you said 'freedom' NI nationalism I get, but I feel they are better of in the UK.

Can you tell me of a more trusted and global TV news program than the BBC? Didn't think so.

I on the other hand am a proud British citizen, and I feel fortunate to live here everyday. The climates a bit shit, but it's OK, it could be Norway (at least they have snowplows). Huddersfield/Netherton is a nice place I find, I can't image why you moved to Spain.

Ta, I've got to get off to a WWII reenactment. :hi:

[Ghost Dog]

9. No problem, mate. Speak up. Everybody knows

that UK is not Europe.

De Gaulle was right.