Estonia Wins EU Clearance to Switch to Euro in January

Estonia won the go-ahead to become the 17th country using the euro starting in January, as European Union leaders set aside the central bank’s concerns that the Baltic state risks higher inflation.

The decision to admit Estonia, a former Soviet republic that entered the EU in 2004, reflects the EU’s determination not to let the Greece-fueled debt crisis in western Europe derail plans to widen the currency bloc to the east.

EU leaders lauded Estonia’s economic management, hailing “the convergence it has achieved, based on sound economic and financial policies,” according to a statement prepared for today’s Brussels summit.

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