Monday, November 16, 2009

Meet Mr. Euro

Although the Baltic premiers have agreed a joint action plan for the introduction of the euro, the Baltic countries will be unable to introduce the euro simultaneously. Estonian President Toomas Hendrik Ilves said at a meeting with the Estonian parliament’s Finance Committee last week, that Estonia’s 2010 budget must ensure accession to the euro zone in 2011. According to Janis Blumenthals, analyst with SEB Enskilda, Latvia “has a little work yet to do,” and could introduce the euro in 2041 at the earliest. Lithuania on the other hand, has abandoned plans to introduce the Euro. Vindaugas Symkus, spokesman for Lithuanian Central Bank, said “Introduce the Euro? To whom? If the Euro hasn’t already been properly introduced to all Lithuanians, why should it be our job to do it? It’s just silly. We’re the central bank, not a bunch of party organizers for crissakes.”

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