The ECOFIN Council decided that Estonia will join the eurozone at a meeting held in Brussels on July 13. The meeting determined that Estonia is ready to become the 17th European Union country to adopt the euro as of Jan. 1, 2011.
The approval process began on May 12, when the European Commission stated that the tiny Baltic state fulfills all necessary conditions to join the eurozone. Conditions cover entry requirements on inflation, debt and deficit levels, interest rates, and currency stability. The official conversion rate is set at 15.6466 Estonian kroons to one euro.
“Estonia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on Jan. 1, 2011. We commend Estonia for its long-standing commitment to prudent policies. To ensure that the adoption of the euro is a success, Estonia must pursue its efforts to maintain a prudent fiscal policy stance,” said Olli Rehn, EU commissioner for Economic and Monetary Affairs, in a press release.
Currently, 16 out of the 27 member states of the EU, use the euro as their currency.
The approval process began on May 12, when the European Commission stated that the tiny Baltic state fulfills all necessary conditions to join the eurozone. Conditions cover entry requirements on inflation, debt and deficit levels, interest rates, and currency stability. The official conversion rate is set at 15.6466 Estonian kroons to one euro.
“Estonia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on Jan. 1, 2011. We commend Estonia for its long-standing commitment to prudent policies. To ensure that the adoption of the euro is a success, Estonia must pursue its efforts to maintain a prudent fiscal policy stance,” said Olli Rehn, EU commissioner for Economic and Monetary Affairs, in a press release.
Currently, 16 out of the 27 member states of the EU, use the euro as their currency.
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