December 27th, 2012

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  • luvdovz

Low Euro enthusiasm in "New Europe"

Enthusiasm for adopting the Euro among the newest EU members (those in East Europe) is waning. And that's understandable. For a long time, the Eurozone was deemed the Promised Land, but now things aren't looking that bright.

For example, the Latvian PM Valdis Dombrovskis has warned the EU that his people are turning against the European currency. There's now some considerable pushback against the plan to join the Eurozone in 2014.

Just 5 years ago (before the Euro crisis), everyone seemed to be more than eager to adopt the Euro, but countries like Latvia weren't ready. Now, when they're fully ready, they're skeptical about it. The Latvian government was among those that adopted the strictest austerity policies in Europe, in part to preserve the country's hopes for Eurozone entry. The official position of Dombrovskis' government is still that they're planning to join in 2014, but now they have to put tremendous efforts to hold that course.

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