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Estonia has received the Final Confirmation to the Euro-Changeover

13.07.2010

At today’s meeting of the Economic and Finance ministers of European Union, the decision and resolutions of the Council were approved and thereby confirmed Estonia’s adoption of the euro as of 1 January 2011. Council also confirmed the conversion rate from Estonian kroons to the euro. During the changeover Estonian kroons will be changed to euros at a rate of 1 euro = 15.6466 kroons, which means that the current exchange rate remains unchanged.

“Today’s decision is recognition of our joint efforts and of our fiscal policy. We are stepping into a euro zone whose economic bases are under way to become stronger. The euro is very important for our economic recovery and for increasing our well-being. Now the state, local governments and businesses will continue with the practical preparation to ensure that the changeover to the euro goes as smoothly as possible,” commented Minister of Finance Jürgen Ligi.

In addition to the euro decision, the new Presidency of EU - Belgium - presented its priorities: the most important are improving the co-ordination of economic policies and the ongoing reform of the financial sector. The European Commission also introduced proposals for implementing stricter budget policy monitoring than before.

Katrin Reimann
Public Relations Department
Ministry of Finance of Estonia
Phone +372 611 3049
GSM +372 53 030 146
E-mail katrin dot reimann at fin dot ee

30.06.2010 Starting from July 1 the prices of goods and services shall be presented in both kroons and the euros to Estonian consumers
21.06.2010 Estonian expert committee on the transition to the euro recommends that undertakings speed up their preparations
09.06.2010 Saar Poll survey mapped expectations of Estonian residents about transition to euro
08.06.2010 Financial Ministers of euro zone recommend accepting Estonia into euro zone
08.06.2010 Ministry of Finances sent instructions to entrepreneurs for transition to euro
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