Financial Ministers of euro zone recommend accepting Estonia into euro zone

The meeting of Financial Ministers in Luxembourg on June 8, discussed the Estonian transition to the euro, in addition to the overall directions of economic policy and the regulation of the financial system.
29. 06. 2010

The euro zone states notified about their decision which recommends the joining of Estonia with the euro zone on January 1, 2011. The President of the European Union will send a letter to the Council on June 17, 2010, referring to the remarkable efforts of Estonia and the support of the Financial Ministers for accepting Estonia into the euro zone. According to the plans, the Ecofin will approve the joining of Estonia on July 13, 2010.

“The Financial Ministers of the European Union supported the joining of Estonia with the euro zone. Transition to the euro is a natural continuation of our current policy. Estonia will continue its long-time economic policy with a conservative budget policy, in order to avoid any imbalances. This is also what I confirmed to colleagues today. We acknowledge that the ensuring of the strength of the euro zone is a joint responsibility of all the euro zone states. The expansion decision today shows that the euro zone is viable,” commented Jürgen Ligi, Minister of Finances of Estonia.

In addition to the suggestion to expand the euro zone, the Ecofin also continued its move towards deeper co-ordination of the economic policies of the European Union and the euro zone. The meeting of Financial Ministers on July 13, 2010 is planned to discuss specific suggestions of the European Commission for ensuring the full performance of the Stability and Growth Pact and for implementing a deeper assessment of the budgeting and macro-economy policies of the Member States. Estonia as a future full member of the euro zone supports the discussions with the goal of unity and strength of the euro zone and the European Union.