Preparations for the euro changeover are going smoothly

Preparations for the euro changeover are going smoothly
21. 03. 2010
 

On February 23, it was concluded at the meeting of the National Changeover Committee in the Ministry of Finance that the adoption of the euro as of January 1, 2011 is a real prospect, that preparations are going according to plan and at an accelerating pace. In March, the National Changeover Committee will submit the amended and presumably final draft of the National Changeover Plan to the Estonian Government. 

The National Changeover Committee stated that the sustainable fulfilment of the Maastricht criteria required to adopt the euro is supported by an update in the convergence programme approved by the Government in January. The official assessment regarding the fulfilment of the Maastricht criteria will be disclosed in the convergence reports of the European Commission and the European Central Bank to be published in May. 


By now, the drafts of the laws enabling the changeover have also received comments from the European Central Bank and will be introduced to the Riigikogu for legislative procedure in the forthcoming weeks. The technical changeover readiness of government agencies largely depends on the adjustment of information systems; the respective procurements have been prepared. Eesti Pank is currently organising cash distribution plans in cooperation with credit institutions.  


A fair pricing agreement with the private sector that would prevent artificial price climbs is under preparation. In the forthcoming months, the Consumer Protection Board will actively start monitoring prices and continue this also after the adoption of the euro.  
The National Changeover Committee also received an overview of the communication strategy regarding the adoption of the euro.  
The communication operations and messages focus on the practical aspects of the adoption process, i.e., issues that people are likely to encounter in relation to the changeover. 


In March, the National Changeover Committee will submit the amended version of the National Changeover Plan to the Estonian Government. The plan serves as the primary source of information on the preparations and practical aspects of the changeover. The Estonian Government approved the first draft of the National Changeover Plan in 2005; in March the Government will receive the 8th, amended version of the same plan. 


Additional information about the changeover at http://euro.eesti.ee and http://www.fin.ee/euro.