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

Euro-zone experiment  is growing older. The number of of member countries grew from original 11 countries to 19.

Estonia was the first from former Soviet Republics to jump into the experiment. Now, all three Baltic republics are in the zone.  Surprisingly, there is no Poland in the list:

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
18 Latvia 2014-01-01
19 Lithuania 2015-01-01

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.  Plus the added convenience of financial transactions for businesses and people.

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 $1.16.   It is possible that council of 19 “cooks” will be a better watchdog over Euro than one Federal Reserve (USA) with power over printing presses?

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