Estonia is set to become the latest member of the eurozone and to adopt the euro as its currency after finance ministers of member states gave their approval on Monday.
Estonia will become the 17th member of the eurozone when it adopts the currency formally on January 1, 2011.
Luxembourg Prime Minister, Jean-Claude Juncker, chairing the meeting of finance ministers, told reporters that Estonia has met all criteria to adopt the euro currency and has committed to tough fiscal policies and structural reform, according to Reuters.
Earlier, the European Central Bank had raised concerns over the country’s ability to control inflation. The Baltic state with a population of 1.4 million people is expected to be the last country for the next few years to adopt the currency, as other candidates such as Poland and the Czech Republic do not currently meet the criteria.
The expansion of the eurozone comes despite Greece’s debt crisis which has damaged the euro currency.
“We have to treat everybody similarly. If there is a country that fulfills all criteria, it should have the same right as we all have had,” Finnish Finance Minister Jyrki Katainen told reporters, Reuters reported.
Estonia will become the 17th member of the eurozone when it adopts the currency formally on January 1, 2011.
Luxembourg Prime Minister, Jean-Claude Juncker, chairing the meeting of finance ministers, told reporters that Estonia has met all criteria to adopt the euro currency and has committed to tough fiscal policies and structural reform, according to Reuters.
Earlier, the European Central Bank had raised concerns over the country’s ability to control inflation. The Baltic state with a population of 1.4 million people is expected to be the last country for the next few years to adopt the currency, as other candidates such as Poland and the Czech Republic do not currently meet the criteria.
The expansion of the eurozone comes despite Greece’s debt crisis which has damaged the euro currency.
“We have to treat everybody similarly. If there is a country that fulfills all criteria, it should have the same right as we all have had,” Finnish Finance Minister Jyrki Katainen told reporters, Reuters reported.
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