The European Parliament approved Estonia joining the euro zone

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16. June 2010

At the plenary session in Strasbourg, the ambassadors of the European Parliament (EP) showed a green light to the adoption of the euro in Estonia. 589 voted for, 40 against and 52 Members of Parliament remained impartial. The report declares that Estonia has fulfilled the criteria for the adoption of the euro as a result of the consistent, persuasive and constant efforts by the Estonian government and people.

The report also states that in close cooperation with Statistics Estonia, Eurostat has verified the correctness of all relevant data forwarded by the Estonian administrative agencies. In the report, danger of inflation is mentioned in several cases. "It is significant that such a small country is knocking on the door of the euro zone during the current financial, economic and social crisis.

It says a lot about the future member of the euro zone and the euro zone itself as well," said reporter Edward Scicluna at the discussion preceding the vote. In the spring of the same year, many heated and comprehensive debates have been held both on Estonia and the euro, and these have not always been completely supportive," Financial Minister Ivari Padar noted. According to him, a significant role in this decision was also played by the great work done by the Ministry of Finance and other government officials of Estonia.

The European Commission recommended Estonia be accepted into the euro zone. The European Commission assessed the compliance of Estonia with the criteria for joining the euro zone and according to its report, recommends Estonia be accepted into the euro zone in 2011. In the report, the Commission declares that Estonia stands out in the crowd and the government and people have worked hard to achieve the euro. According to the Commission, they have evaluated Estonia's sustainability using qualitative methods that go beyond the regular quantitative rules.

There is no doubt that Estonia will manage well in the euro zone, adds the report. According to the report, Estonia would join the euro zone in a much better state than others who have joined earlier as the financial state of the country is better and external sovereign debt one of the lowest in EU Member States. President Toomas Hendrik Ilves announced that the proposition of the European Commission shows that the Commission adheres to the rules established by itself and will not back out due to the problems and tensions that have hit the euro zone.


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