Euro Regaining Strength, Says Ligi
Estonia's finance minister carried an optimistic tone after a Eurogroup meeting in Brussels on Monday and Tuesday.
The EU finance ministers were given an overview of progress in the financial aid programs of Greece and Spain and the situation in Cyprus. In a joint appeal, the ministers declared that Greece is on the right path and the economy is healing.
"Greece still faces a lot of changes, but they will set the foundation for new growth. The overstretched public sector is being reined in to give private sector activity breathing room," said Estonian Finance Minister Jürgen Ligi.
"Although the program countries have their work cut out for them, the Eurozone is increasingly becoming stronger. The intensification of coordination of economic and budget policy provides stability and confidence that state finances will be in good shape in the future. That confidence helped Latvia in the decision on joining the euro," Ligi said.
On Tuesday, the finance ministers also made the final decision on Latvian accession to the Eurozone. The official exchange rate was set at the current 0.70 lats per euro.
The third Baltic country, Lithuania, is not set to join the euro until 2015, but it also got a chance to shine at the summit as the newly appointed EU presidency holder, introducing its economic action plan to EU finance ministers.