The Estonian newspaper Äripäev toady reports from a Washington economics seminar, "Is there a future for euro?", where the fate of Estonia's economic independence was discussed. "Joining the euro is a historic opportunity, which Estonia should make use of," says Professor Jeffrey Frankel from Harvard University. "Estonia has nothing to gain from its own currency (kroon) and anyhow, the country cannot have its own monetary policy and Estonia has understood this," claims Professor Allan Meltzer from the Carnegie Mellon University. We then learn that all the participants at the seminar emphasised that the future of euro and the future of the whole economic success of the euro-zone depends on the economic reforms, which are most necessary to be carried out in the bigger European countries. (European Parliament Transanslation)
So let me get this straight, Estonia should give up the Kroon because it "cannot have its own monetary policy", but it must rely upon France and Germany, and to a lesser extent the UK to reform their economies. And this the day Merkel failed to win the German election, the Estonians would be mad. And incidentally, if Estonia cannot have a monetary policy, then why should it be allowed to have an economic policy at all. Thus why on earth was it allowed to go ahead and institute a flat tax policy and lead the way in tax reform.
Well obviously it should never have done that.
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