Prime Minister Gave President Almunia an Overview of Preparations for Joining the Euro

15.12.2004 | 14:35

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Stenbock House, Tallinn, 15 December 2004 - This afternoon Prime Minister Juhan Parts had a meeting with Joaquin Almunia, the EU Commissioner for Economic and Monetary Affairs. At the meeting the prime minister gave the commissioner an overview of Estonia´s preparations for joining the euro.

The prime minister assured the commissioner that the government of Estonia plans to be ready to join the euro in the second half of 2006 in order to adopt the euro on 1 January 2007. "The government recently discussed the matter at a cabinet meeting and decided to form a working group to deal with
preparations for the switch to the euro," said Parts. According to the Prime Minister, it is important in the course of preparations to consult financial institutions and businessmen, as well as consumer organisations. Commissioner Almunia was of the opinion that Estonia will probably be one of the first new member states to adopt the euro due to the favourable macro-economic situation in Estonia. He also offered support to Estonia for solving technical issues related to the switch to the euro. Almunia
highlighted the positive experience of Finland and Ireland in joining the euro. Other issues discussed at the meeting included competitiveness of the European Union and the European Stability Pact.

Yours faithfully,

Erki Peegel
Press Officer to the Government
Tel: 693 5792, 51 65808

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