While many in the markets may be writing off the Euro as a failed experiment in folly, EU leaders don't appear to be of the same mind. In fact, they announced today that Estonia will join the unified currency on January 1, 2011. It seems to have figured out how to keep its debt-to-GDP ratio at a ridiculously low level (under 10%) and run negative inflation while things in the so-called PIIGS continue to spiral out of control.
Maybe some countries know something that leaders on this side of the pond can't figure out. It's called PAYGO -- paying with available funds instead of borrowing them -- in other words fiscal responsibility.
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