Estonia adopts the Euro

  ESTONIA Pictures, Images and Photos

As of today, Estonia’s official currency is the Euro. It is the 17th country to adopt the currency and the second smallest economy to be a member of the currency club. In fact, with a roughly $20 billion economy, many companies’ revenues around the world are substantially larger than Estonia. Still, Estonia is in very good economic shape which something that cannot be said for many other Euro countries right now.

For anyone that has even heard of Estonia before (I’m sure there are many that haven’t, at least in North America), chances are that you would think it’s a part of Russia. After all, it was a part of the former Soviet Union. However, Estonia is ethnically much more like Finland than Russia. The majority of Estonia’s 1.3 million citizens speak Estonian which is more similar to Finnish than Russian. Ideally, Russia would like to have Estonia be a part of Russia once again, but obviously, Estonia is more interested in aligning themselves with Europe.

ESTONIA MON AMOUR!!! Pictures, Images and Photos

Although this date for switching to the Euro was planned and scheduled a long time ago, the timing is still interesting considering the recent problems some Euro members have currently. There has even been talk of abolishing the Euro recently due to economic issues in Euro members Greece and Ireland, among others. Although Estonia is a very small country, it is in a great economic position and this should help the confidence of the other Euro members moving forward. Surely, if a country that has a strong economic standing wants in on the Euro, then it must mean that they see a bright future for the currency even now when things don’t look as good. Maybe 2011 will be a year that the confidence in the Euro rebounds with the rest of the global economy.