Tuesday 8 June 2010

Estonia closer to euro adoption

The Economic and Financial Affairs Council (Ecofin) 8 June 2010 endorsed euro adoption for Estonia from 1 January 2011, in accordance with the assessments by the Commission and the European Central Bank (document 10689/10; page 7), as well as a recommendation from the euro area member states.

According to the Article 140(2) of the Treaty on the Functioning of the European Union (TFEU), the European Parliament has to be consulted and the issue be discussed by the European Council.

The Council can then take the formal decision.

The European Council meets on 17 June and the Council is expected to decide on 13 July 2010.

Further reading

Interested visitors can read the following blog posts (and the sources mentioned):

Euro introduction: Estonia 2011 (31 May 2010)

EU: Convergence programme Estonia (3 June 2010)

Ralf Grahn

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