BELGRADE, June 11 (Xinhua) -- The European Union (EU) on Wednesday welcomed the ratification of the Lisbon Treaty by the Finnish and Estonian parliaments.

    "Each endorsement scores a goal toward winning the European Cup Final -- enforcement of the Treaty on Jan. 1," said a statement from the rotating Slovenian EU Presidency.

    The Lisbon Treaty, signed by EU heads of state and government last December, will make the bloc's much needed institutional reforms possible.

    "The treaty will enable the European Union to face the challenges of the 21st century," the statement said, adding: "its institutional changes, adaptation of the existing foundations and other novelties will shape a more democratic, efficient and successful Union for its citizens."

    "The innovations introduced by the Lisbon Treaty will bring freshness and new impetus to enhanced functioning of the EU. This will bring benefits to the member states, the economy, and above all to the citizens of the European Union," it added.

    The treaty replaces a more ambitious EU constitution that was rejected by French and Dutch voters in referendums in 2005, plunging the bloc into a crisis.

    The charter must be ratified by all 27 EU member states before it can take effect as planned on Jan. 1, 2009.

    With the approval of Finland and Estonia, the treaty has now been ratified by 17 member states.

    Ireland will hold a national referendum on the treaty Thursday, the only EU country to put the question to popular vote.