I will try to draw some lessons for other prospective EMU members, but also for the Eurosystem and the EU as a whole. I make these observations from the vantage point of a close neighbour and long-time friend of Estonia. Timing My first observation concerns the choice of timing.
At the same time as Estonia’s EMU criteria were being assessed in Brussels and Frankfurt, European bond markets were under considerable strain. There were signs of panic in trading floors, and the financial press was predicting even the breakdown of the Monetary Union.