Following Estonia, Lithuania and Latvia are also keen to join the EU or enter the Eurozone. The government of Latvia has already submitted the Eurozone bid, and Lithuania approved adoption of the euro.
Interestingly enough, the two Baltic states seem to be unafraid of the fact that the Eurozone economy is currently in deep water. Moreover, the governments of both countries overlook concerns of their citizens about EU enlargement implications. However, despite about 40% of Estonians are annoyed at Estonia's entry into the crisis-hit Eurozone, the country’s sturdy economy has been demonstrating resilient growth. Estonia has one of the easiest loan burdens across the EU. What is more, it is the only EU member to boast of budget surplus. So, its neighbours, Latvia and Lithuania, can’t wait to follow its tempting path. For instance, Latvia is planning to attract more investments from Europe after joining the Eurozone. Meanwhile, as many as 63% of its people are against the single currency in their country. The case of Estonia is exactly what makes Latvians and Lithuanians nervous. They fear hikes in prices and lack of freedom in monetary policy.
At the same time, Latvia’s and Lithuania’s ambitions have provoked a mixed reaction in Europe. The EU experts are not sure about Latvia’s membership of the EU, as its macroeconomic indicators do not quite comply with the Eurozone criteria. European Union Monetary Affairs Commissioner Olli Rehn pledged to assess Latvia’s ability “to face the challenges of long-term factors” and decide if the country is prepared enough to enter the EU by late June.
Last but not least, the current conditions in the eurozone are highly adverse for enlargement. As the European Commission projects, in 2013 the currency bloc is likely to encounter a surge in unemployment to 12% if not higher and 0.3% economic contraction.
