Finance

Home page

Finance

EU leaders endorse Estonia’s membership in Eurozone

18 June 2010 08:08 (UTC +04:00)

Baku - APA-Economics. European Union leaders on Thursday gave Estonia the green light to become the euro’s seventeenth member on January 1, after the Baltic state passed all economic tests with flying colours, Earthtimes reported.

The move gives the formal blessing of the EU’s highest political body to the Baltic state joining the single currency at the start of 2011. It now remains for EU finance ministers to set the final exchange rate between the euro and the Estonian kroon.

he EU’s regular summer "welcomes (Estonia’s) fulfilment of all the (euro) convergence criteria ... (and) welcomes the (European) Commission’s proposal that Estonia adopt the euro on 1 January 2011," leaders said in a joint statement.