IMF euroisation proposal deserves consideration

The weekly newspaper Valstieciu laikrastis analyses the proposal by the International Monetary Fund that the EU states in Eastern Europe speedily introduce the euro: "That is akin to inviting them to tear off their rags, don their Sunday clothes and smuggle themselves into the exclusive Western Club. According to the IMF this could be a real chance for the Eastern European states to avoid the debt trap. Certainly, it would not save them from the crisis, but it would at least help them to get back on their feet. It should be added that the IMF has more information on the economic situation of the EU newcomers than any other institution, because it has lent them over 74 billion euros until now and this amount will no doubt continue to rise. For that reason, although the IMF's proposal may seem audacious to the EU Commission, it deserves consideration. ... Let's not forget that the Vatican, San Marino and Monaco have also signed treaties on introducing the euro although they don't belong to the Eurozone, and that Andorra, Montenegro and Kosovo have introduced it without fulfilling the criteria."

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