Result of Denmark's vote bad for Estonia

  • 2000-10-05
TALLINN (BNS) - Estonian Finance Minister Siim Kallas said that the Denmark voters' decision not to adopt the euro is bad for Estonia, while Prime Minister Mart Laar expressed the hope Denmark's decision will not affect the enlargement of the European Union.

Kallas said the vote is negative for Estonia above all because their rejection of the euro will increase moods against enlargement inside the European Union.

Kallas said that as a result of the Danish referendum, the skeptical opinion will probably gain ground that strong currencies will think twice before joining the monetary union and that it is only aspirant countries that want it.

The currencies of the new members are seen as week, and many also doubt the ability of Greece, which will join the monetary union soon, to meet all its terms, Kallas said.

Commenting on the results of the Danish referendum via a spokesman, Prime Minister Mart Laar expressed the hope that the Danes' decision will not affect the enlargement of the European Union.

"At the same time, the result showed that big member states of the European Union must pay more attention to smaller countries' role in the further development of the EU," Laar said.

Kallas said he was unable to assess what attitudes people in Estonia would take to the European Union and the euro after the Danes' rejection of the common European currency.

"We (the government) and myself as chairman of the Reform Party take the position that a public vote, probably even two votes, have to be organized anyway, as accession to the European Union and to the European Monetary Union will not take place at the same time," Kallas said.