Baltic nation becomes 17th member of eurozone

• published: 30 Jul 2015
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SHOTLIST 1. Wide of people in street 2. Drummers beating drums 3. Close-up of drums 4. Close-up of women celebrating the new year 5. Wide of fireworks 6. Large euro logo on cash machine 7. Wide of people gathered to celebrate the new year 8. Wide of fireworks 9. Estonian Prime Minister Andrus Ansip withdrawing euros from cash machine, holding up in air 10. Wide of street and fireworks 11. Ansip and Lithuanian Prime Minister Andrius Kubilius showing their euros withdrawn from special cash machine 12. Wide of fireworks 13. SOUNDBITE (English) Andrius Kubilius, Lithuanian prime minister: (Question: How long do you think it will take Lithuania to join?) "First of January, 2014." 14. Wide of people dancing in street 15. SOUNDBITE (English) Kiuli (last name not given), Estonian "Euro is our new money and our common money, I think it's ok that we have a new money." 16. People dancing 17. SOUNDBITE (English) Janika Maria, Estonian: "I think it's a very great day for Estonia. Of course we are a little bit like sad that this kroon is going away but I think Euro is better." 18. Wide of people in street and fireworks STORYLINE The Baltic state of Estonia early on Saturday became the 17th European Union member to adopt the joint European currency, the euro. The small nation's decision to change from the Estonian kroon to the euro was the final step in a two decade-long effort to integrate its economy with Europe after it achieved independence in 1991. Estonian Prime Minister Andrus Ansip was the first person in the country of 1.3 (m) million to withdraw euro notes from a cash machine specially installed for the midnight changeover at the opera house in central Tallinn. Ansip's example was followed by EU transport commissioner Siim Kallas, Lithuanian Prime Minister Andrius Kubilius and Latvian Prime Minister Valdis Dombrovskis. The four men waved their fresh euro notes at a crowd of some five thousand cheering people as New Year fireworks burst in the cold night marking the advent of 2011 and a new era for Estonia. The Finance Ministry said banks and information systems were prepared to cope with the changeover as hundreds of cash machines were being loaded with euro notes. Selected bank branches and post offices were to stay open over the weekend to accommodate the switch, but police urged citizens not to rush about with large amounts of cash due to robbery risks. Estonia is the first former Soviet republic to join the single currency club. After Slovenia and Slovakia, it is the third east European country using the euro. Seven other countries in the region - Poland, Romania, Hungary, Czech Republic, Bulgaria, Lithuania and Latvia - also are required to phase in the euro as part of European Union membership, though there is no deadline to do so. Latvia and Lithuania, Estonia's Baltic neighbours, are enthusiastic supporters of the euro and could become the club's newest members in 2014. The inclusion of Estonia, a minuscule 19 (B) billion US dollars economy, in the 12.5 (tr) trillion US dollars eurozone is being touted for its symbolic importance after the currency was battered throughout 2010 by bad news. Two members - Greece and Ireland - required international bailout funds to avoid bankruptcy. But Estonia's leaders and many economists believe the country's economy, which contracted a staggering 14 percent in 2009, will benefit with the euro, though the country still has painful structural reforms to implement before reaching western European living standards. The small nation will be the poorest member of the euro zone, a cause for concern for many Estonians who fear they will have to cough up scarce resources to help other member countries that failed to maintain fiscal discipline. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/f25045b4e46acb766444366b6fbc72cc Find out more about AP Archive: http://www.aparchive.com/HowWeWork