Almunia: euro could come in 2011

TALLINN - EU Economic and Monetary Affairs Commissioner Joaquin Almunia has said that choosing January 1, 2011 as the target date for euro adoption was a more certain option for Estonia.

In a meeting with Estonian Prime Minister Andrus Ansip, who had previously said the country might be able to adopt the euro by July 2010, Almunia said it would be more likely that the country could make the move in 2011.

The prime minister's economic affairs adviser, Aare Jarvan, who was present at the meeting, told the Baltic News Service that there is less clarity surrounding the earlier date.

Jarvan said an extraordinary assessment of Estonia's compliance with the criteria for eurozone membership could be discussed if Estonia's made progress through the summer. But if the country is only able to meet the criteria in December or January, it would rather be rational to wait until the scheduled assessment in spring, he said.

Estonian Prime Minister Andrus Ansip said last week that Estoniacan expect to meet the criteria for eurozone membership at the end of this year. If that is the case, he said, then the EU would carry out an extraordinary assessment and the country could adopt euro as its official currency as soon as in mid-2010.

Under the Maastrichtcriteria EU member countries must address issues of inflation, debt levels, financing, government deficit and interest rates before adopting the euro.