Europe currently has only two nations that meet the rules to be in the Euro…
Estonia’s budget deficit is just 2.8pc of GDP, making it one of only two countries in the EU that is not in breach of the Maastricht Treaty. Public debt is just 8pc of GDP, a trump card in the new world of sovereign jitters. An ultra-flexible economy makes Estonia – like the Netherlands or Finland – one of the few EMU members genuinely qualified for the rigours of monetary union. Strictly speaking, even Germany fails the test.
It is a remarkable feat for Estonia to meet the entry terms. The nation was still an occupied territory of the Soviet Union less than twenty years ago, with no currency, central bank, market system, or corpus of commercial law.
Estonia with its low national debt levels, and small deficit, is an interesting place to consider a long term capital investment for a multinational. There are worse places to build a factory these days.