The European Union today endorsed Estonia's bid to become the first former Soviet nation to adopt the bloc's common currency, according to AP. The move means the Baltic nation will likely become the 17th member of Europe's currency union. Estonia faces one more hurdle to adopting the euro and will need the approval next month of EU finance ministers, who will also decide the rate of exchange for swapping kroons for euros. The ministers' assent now looks like a formality. «I want to congratulate Estonia,» European Commission President Jose Manuel Barroso said after a summit dedicated mainly to economic issues. «Estonia has met the criteria for joining the euro.» Estonians believe swapping their kroon for the euro will encourage foreign investment in the country after an economic boom turned into a bust, with growth falling 14.1 percent last year. It is forecast to grow 4 percent next year.
