RIGA - On July 10, 2007, what many have suspected for a long time was confirmed: membership in the Economic and Monetary Union (EMU, the Eurozone) is for rich EU members only. On that day the EU finance ministers agreed on the exchange rates at which the Maltese lira and the Cyprus pound will be converted into euro on January 1, 2008 and the EU finance ministers thus followed the recommendations of the EU Commission and the European Central Bank. I will argue below for why the Eurozone may be seen as a rich members-only club and why the Baltic countries, for example, which are still in the ...
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