From 1 January 2011 Estonia switches to euro

Society
The Council of Ministers of Economy and Finance of the European Union (Ecofin) adopted on Tuesday a decision on the entry of Estonia into the euro zone.

According to "Interfax-West", also decided to transfer the Estonian kroon to the euro at current prevailing rate 15,6466 EEK/1EUR

According to the press service of the Ministry of Finance of Estonia, the country will become the 17th member of the euro area on 1 January 2011a.

The European Parliament on June 16 approved the report on Estonia's readiness to join the euro zone. June 17 decision on the accession of Estonia to the euro area adopted Summit Eschrazvyazu.

According to the forecast of the European Commission (published in spring 2010), the Estonian state budget deficit in 2010 will amount to 2.4% of GDP and thus, economy will meet the Maastricht criteria. They provide the level of the budget deficit below 3% of GDP.

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