Estonia has become the 17th member of the eurozone with the start of the New Year, although lingering concerns remain over the stability of the bloc, according to The Daily Telegraph. On January 1, 2011, Estonia joined the sixteen countries that share the euro, and in the process became the poorest country in the group, which Prime Minister Andrus Ansip said opened the door to “a lot” of new objectives for the government. Ansip called it a small move for the region as a whole, but a “giant leap for Estonia.”
Estonian leaders may be upbeat about the change, but the move drew criticism from skeptics given the current instability in the region. Estonia posted an unemployment rate in excess of 20% this year, while a heavy recession led to a contraction of 14% for gross domestic product, although the economy is projected to return to growth in 2011. Critics of the move liken the switch to the country being “like a passenger that got the last ticket for the Titanic,” as the outlook for the eurozone remains uncertain. However, government officials have cited that 80% of Estonia’s trade lies with in the European Union, so the move could prove to be a boon for business.