Estonians quietly delighted by eurozone decision (News Feature)

By Mike Collier May 12, 2010, 15:14 GMT

Tallinn - The decision Wednesday by the European Commission to recommend Estonia for membership of the eurozone next year was welcomed in the Estonian capital Tallinn.

Announcing the decision the European Commission's monetary and exchange rate head Massimo Suardi told journalists Estonia should feel proud but that work still remained to be done.

'Entering the euro area is not the end point, it is a stepping stone,' he said. 'We really urge Estonia to stick to its good track record on fiscal policy.'

However, Estonians are noted for their taciturn nature and the reaction was of quiet satisfaction rather than unbridled delight.

'I'm not celebrating - it's too early. I will celebrate by working,' Finance Minister Jurgen Ligi told the German Press Agency dpa minutes after the decision announced in Brussels was confirmed in Tallinn.

'I was happy at the news but it was no surprise. We were sure we had met all the criteria for months,' Ligi said, adding that Estonia's likely accession represented good news for the eurozone as a whole and not just the small Baltic state of 1.3 million people.

'The eurozone itself needs good news as well as bad news,' Ligi said, while cautioning that final approval still needs to come from European leaders in June in July.

Governor of the Etonian central bank Andres Lipstok was equally reserved.

'Although it is not a final decision, the proposal is a great acknowledgement for us. Estonia has taken another long step in the accession process,' he said.

'The final decision regarding the introduction of the euro will presumably be taken at the ECOFIN meeting scheduled for 13 July. After that we will be able to use the indicative mood when speaking about the adoption of the euro,' he added.

The phlegmatic attitude was reflected on the streets as well as the corridors of power.

Kalle Sober whose company Columbus IT provides software to help firms with the currency change at the end of the year said the decision was welcome but even he was equivocal.

'For our company it means more work for the end of this year, but it is one-off work rather than long term,' he told dpa.

'Most people's loans are already in euros and all the tourists bring euros with them, so people are used to the euro already,' said a student who gave her name as Piret.

'At least it will stop Finns trying to pay me in euros,' said taxi driver Boris Martens.