Eesti Pank released a new report on the adoption of the euro
Today, July 4, Eesti Pank published on its web site the regular "Report on the Adoption of the Euro", which gives an overview of Estonia's readiness to change over to the single currency of the European Union. The report also presents the assessments given in the convergence reports of the European Commission and the European Central Bank published in May 2008.
"Estonia continues to meet all the requirements for the adoption of the euro except for the inflation criterion. Based on Eesti Pank's spring forecast of 2008, it can be said that it is unlikely that the Maastricht inflation criterion will be met in 2009. Accordingly, the adoption of the euro in Estonia before 2011 is unlikely. In line with Eesti Pank's spring forecast the inflation rate should fall close to the criterion at the end of 2010," said Andres Lipstok, Governor of Eesti Pank.
An additional article of the report focuses on the experiences of and economic developments in Slovenia - the first Central and Eastern European country to join the euro area - during the first year as a full member of the euro area.
Eesti Pank produces and publishes the report discussing the different aspects of the adoption of the euro on a regular basis twice a year. The last report was published in January 2008.
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