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My kroons are still crisp — but Estonians use euros now.

As a show of confidence in the kroon, residents were also permitted to switch roubles for German marks, a strong currency.

The last nation to join the euro was Estonia, Latvia's northern neighbour, which gave up its kroons on 1 January 2011, after the euro crisis had started but before it reached its depths.

Had he been making Estonia’s decisions in 2009, he would have devalued the kroon.

Indeed, while the central banks of Germany, France and Estonia are vestiges of the Deutsche mark, French franc and Estonian kroon, they don't dictate many banking policies in their borders.