Eesti Pank - Bank of Estonia

On 1 September 2005, the Government of the Republic approved the first version of the national changeover plan, which formed the basis for making preparations for the adoption of the euro. The changeover plan was prepared in cooperation of Ministry of Finance, Eesti Pank, and several other state authorities. In addition, credit institutions, the Consumer Protection Board, and organisations representing the business community were consulted.

The current version of the Estonian National Changeover Plan was completed in October 2006 proceeding from the decision of the Government of Estonia according to which Estonia will not be able to meet the inflation criterion in 2007-2008. As inflation forecasts covering longer periods than two years are not very accurate, a specific euro-area accession date has not been established. Estonia's government and the central bank have set the objective to join the euro area as soon as possible, i.e., as soon as Estonia meets all the necessary conditions. Currently, Estonia complies with all the criteria but one - our inflation rate is 1-2% per cent higher than allowed.

Estonia's National Changeover Plan