Estonia Is Poised to Adopt Euro in 2011, EU’s Almunia Says
Written on December 17, 2009
Estonia is set to adopt the euro on its target date in 2011 because of the Baltic country’s work on fulfilling economic requirements, European Union Economic Affairs Commissioner Joaquin Almunia said yesterday.
“It is quite possible that Estonia will be in the euro by 2011,” Almunia told the European Parliament in Strasbourg. The data so far “seem to indicate that this would be possible. Obviously, we can’t take any decision” until an assessment in the first half of next year on whether terms are met, he said.
Estonia seeks to become the third eastern European nation to adopt the euro after Slovenia and Slovakia and hopes the move will spur investment and trade by reducing currency risk for companies instant payday loan. The minority government of Prime Minister Andrus Ansip has cut the budget at the expense of domestic demand, exacerbating the second-deepest recession in the EU, to ensure the currency swap by its target date.
The country’s central bank said yesterday that Estonia will fulfill all fiscal and inflation targets required to switch to the European single currency in 2011 next year.
Filed in: business.