The ECOFIN Council took the final decisions on the euro adoption in Estonia and confirmed that Estonia is ready and will adopt the euro on 1st of January 2011.
13th of July 2010
Estonia set to switch to euro on 1st of January 2011
The ECOFIN Council took the final decisions on the euro adoption in Estonia and confirmed that Estonia is ready to adopt the euro on 1st of January 2011.
“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 Estonia’s Minister of Finance Mr. Jürgen Ligi.
Estonia will be the seventeenth country out of 27 within EU, which use euro. The euro exchange rate to kroon has remained unchanged since the binding of these two currencies and is 15,6466.
Estonian kroons can be exchanged to euros without any service fee in every bank starting from 1st December 2010. The shops will display prices in two currencies until 14th of January. ATMs will start giving out cash in euro notes from 1st of January 2011. All service providers and shops must display prices both in kroons and euros since 1st of July 2010.
See official press release here.