Thursday, May 13, 2010
Yesterday, the European Commission approved the application of Estonia to join the eurozone, finding that Estonia's economy had met all the accession criteria. Assuming the heads of the European Union governments and the finance ministers also approve (which is expected), Estonia will become the 17th country to use the euro. Its accesson to the euro area is scheduled to become effective January 1, 2011. Eight other countries have applied for admission to the euro club, but have not yet been accepted.