Number 17 – Estonia – First Soviet Republic to Jump into Euro-Zone

Euro-zone experiment  is 12-years old today. It grew from original 11 countries to now 17.

The latest edition is Estonia. It is tiny, but it is first from former Soviet Republics.

N Euro Zone Country Date Entered
1 Austria 1999-01-01
2 Belgium 1999-01-01
3 Finland 1999-01-01
4 France 1999-01-01
5 Germany 1999-01-01
6 Ireland 1999-01-01
7 Italy 1999-01-01
8 Luxembourg 1999-01-01
9 Netherlands 1999-01-01
10 Portugal 1999-01-01
11 Spain 1999-01-01
12 Greece 2001-01-01
13 Slovenia 2007-01-01
14 Cyprus 2008-01-01
15 Malta 2008-01-01
16 Slovakia 2009-01-01
17 Estonia 2011-01-01

The experiment is growing despite tremendous difficulties. National Governments have to give up one of the potent tools at their disposal – printing money uncontrollably.

I can’t recall anything like this in human history. National Governments voluntarily give up some of their power. Apparently economic benefits of a single-currency Geo-space just outweighs the lost control.

And we know at least 2 examples showing that large areas with the same currency are beneficial – China and USA. So, for Europe, Euro-zone is a good way to stay relevant and competitive in the years to come.

Among notable exceptions to the Euro-Zone right in the body of European continent are Switzerland, United Kingdom and Denmark.

Currently 1€ buys $1.33.   It is possible that council of 17 “cooks” will be a better watchdog over Euro than one Federal Reserve (USA) with high power printing presses.

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