The Baltic countries still strongly believe in the euro despite the debt crisis
Monday, 31 October 2011
Despite the current debt crisis in the euro zone area, all the three Baltic countries are in favour of the euro as their currency and also would love to be in close working relation with the currency. Lithuania's Finance Minister, Ingrida Simonyté says that a shift to the euro is an important goal for the country.
AdvertisementOn January 1 this year Estonia adopted the Euro single currency. Latvia and Lithuania have currencies that are pegged to the euro, but they want to switch to the euro over the next three or four years.
The two countries are working right now to get out of the effects of the 2008 financial crisis and to meet the financial requirements needed to join the euro.
All the Baltic countries see the euro as a way to economic stability and protection against inflation.
Latvian Finance Minister, Andris Vilks, also says that the euro is a better option than their currency, which is lazy and threatened by speculation.
Estonian Finance Minister, Jürgen Ligi agrees, saying that a united Europe requires a unified currency.
But even if the Baltic countries are positive, it is a debt crisis in the euro area that gives some scepticism. Jürgen Ligi do not think that the currency is to blamed for the crisis, he believes that the problem lies with countries that do not manage their finances and that there are countries that should not have joined the single currency in the first place. Latvia sees a bright future in their drive t become a future member of the Euro.
By Scancomark.se Team
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