EU hails Estonia euro changeover

  • 2011-01-18
  • TBT Staff

The EC said that Estonia's transition to the euro was ‘very smooth and successful.’

TALLINN - The European Commission has praised Estonia's transition to the euro, saying that it was "very smooth and successful"as the country finally ceased backing the kroon as legal tender. 

Estonia had been operating with two official currencies until Saturday, when the kroon was dropped and the euro became the country's sole currency.

"The euro is now the only currency that is legal tender in Estonia. The changeover was very smooth and successful," the European Commission said in a statement.

Most banks will exchange kroons until the end of June, some until year's end. After that, only the Bank of Estonia will accept kroons.

“This successful and smooth changeover is no coincidence. It is the result of careful preparations, in close contacts with the Commission and the ECB,” said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Estonia is the first former Soviet state to use the euro, and is, ironically, the only country that is a member of and fullfils all the requirements of both the eurozone and NATO.

Not only a boon for Estonia, joining the eurozone has also been a vote of confidence for a common European economy that has been ravaged by the economic crisis.