Brief overview of the euro and euro-area history

Updated: 26.07.2011

The kroon and euro cash in dual circulation for two weeks after the €-day.
Retailers display prices in both kroons and euro for six months before and after the €-day.
Banks will exchange kroons into euro without a service fee for a year after the €-day. After that, Eesti Pank will continue to exchange kroons to euro without a service fee for an unlimited period of time.
1 January
1 January
1 January
Euro member Slovakia
Euro member Malta and Cyprus
Euro member Slovenia
2005 29 April Cyprus, Latvia and Malta join the exchange rate mechanism ERM II, which is often described as the "antechamber" to the euro area. Adoption of the single currency in these countries cannot take place earlier than in two years.
2004 15 December Lembit Lõhmus' design, which received 27.5% of the votes, wins the Estonian national euro coin design competition.
20 October The European Central Bank and the European Commission publish convergence reports on the non-euro area Member States of the European Union. The reports assess the readiness of the countries for euro membership.
See the ECB's report about Estonia
28 June Estonia, Lithuania and Slovenia join the exchange rate mechanism ERM II.
18 June Eesti Pank announces the design competition for the national side of the Estonian euro coins.
1 May Estonia joins the European Union. Eesti Pank becomes a fully fledged member of the European System of Central Banks (ESCB).
2003 14 September In a national referendum on joining the European Union, the people of Estonia vote in favour of accession.
16 April Governor of Eesti Pank is granted the right to attend as observer at the meetings of the General Council of the ECB. The meetings take place on a quarterly basis. Other employees of Eesti Pank participate as observers in the work of the twelve committees and their working groups that prepare the meetings of the Governing Council and the General Council.
2002 1 January Twelve European Union Member States put euro banknotes and coins into circulation.
1999 1 January The euro is introduced as account money in eleven European Union Member States.