So after a ruinous recession, the economy shrunk by over a fifth, made worse by austerity programs that were intended to maintain a hard peg to the Euro, Estonia’s government has finally achieved the desired result, and at the start of the year, Estonia joins the Euro Zone.

Truth be told, the Estonian government set it up such that there was no choice, since it maintained a hard peg to the Euro, and the Deutsch Mark before that, and almost all the loans outstanding are foreign denominated, so there really never was any sort of fiscal or economic sovereignty in the small Baltic Republic.

If anyone expects an improvement in the standards of living as a result of this though, they are very likely to be disappointed.