Estonia welcomes euro

THE tiny Baltic state of Estonia is preparing to celebrate the New Year by becoming the first former Soviet republic to adopt the euro.

The changeover will officially start today marking the beginning of the end of the Estonian kroon.

Estonia’s $19 billion economy is dwarfed by the euro’s total annual output of approximately $12.5 trillion.

European Commission president Jose Manuel Barroso said: “Estonia’s entry means that over 330 million Europeans now carry euro notes and coins in their pockets.

“It is a strong signal of the attraction and stability that the euro brings to member states of the European Union.”