That is, the honor to adopt the euro if they so choose. From the NYT:
The Union’s 27 governments, meeting in Brussels, made the decision “based on sound economic and financial policies” in the former Soviet republic, as well as Estonia’s “fulfillment of all the convergence criteria,” according to a draft statement circulating at a one-day summit of heads of state and government.
Wow, what an honor: “Being the standard bearer of fiscal good management and currency stability that we are, we the EU will allow you to adopt our euro.” Am I crazy for thinking this just seems tone-deaf? Estonia has been working hard to meet euro adoption benchmarks for some time, but it’s only in the past few months or so, long since they began the process, that the Estonians will have seen the euro fall to its lowest levels against the dollar in years, witnessed pundits and countries alike discuss the feasibility and desirability of leaving the currency altogether and been subjected to the spectacle of the sovereign debt crises in the PIIGS nations and the resultant ECB bailout. Why would anyone want to adopt the euro right now?