PM Ansip suggests Maastricht revision

  • 2008-12-24
  • TBT online staff
TALLINN- Estonian Prime Minister Andrus Ansip has suggestedthat the criteria set forth by the Maastrichttreaty regarding euro accession may be too severe.

"Maybe it is time to re-evaluate, change theinterpretation of the Maastrichtinflation criteria," Ansip told Reuters.  

As it currently stands, in order to ascend to the euro zone,the country may not have an inflation higher than the average of the top threenations in the group of 27. There is a 1.5 percent added leeway as well.

While prices have gone down from 9.8 percent to 8 percent in the last year,inflation is still too high to imply long term price stability according to theEuropean Central Bank.

Ansip said that Estoniadid not have full control over inflation as they cannot be responsible for oiland energy prices.

He also added that a slowing of inflation in other EU member states would makeit even harder for Estoniato decrease its consumer price growth and bring it down to the necessary level asoutlined by the treaty.

Prime Minister Ansip also said that it will be very difficult to achieve thetargets by the 2010 deadline and that the government was already reviewingother dates for the accession to the euro zone.