Estonia ready to adopt euro as its currency (09/06/2010)
At the sitting of the EU’s ECOFIN Council,representatives of the euro area states adopted a recommendation to endorse Estonia's accession to the euro area.
The Council shared the Commission's assessment that Estonia has achieved a high degree of sustainable convergence and therefore fulfils the necessary conditions for adoption of the euro as its currency.
The Council approved the text of a letter to be sent by its president to the European Council, with a view to discussion of the issue at its meeting on 17 June.
A decision is expected to be taken at the Council’s meeting on 13 July.
The Commission's proposal would abrogate for Estonia what is considered as a derogation with effect from 1 January 2011. Read the full text of ECOFIN Council’s conclusions