Analytics, Estonia, EU – Baltic States, Financial Services

The Governor of the Bank of Estonia Andres Lipstok

Lipstok said on Monday, when answering questions from members of Riigikogu, that the Bank of Estonia has co-operated closely with the Government in the name of fulfilling all of the Maastricht criteria by the end of 2009.

"The adoption of the euro is one of the most important issues in our economic policy and in overcoming the crisis and guaranteeing sustainability," said the Governor of the central bank.

According to Lipstok, the second half of the year 2009 could realistically be the time when Estonia would fulfill the criteria that have thus far been problematic. The precondition for this is the Government continuing its conservative policy. He noted that in such a case, reviewing the deadline for the adoption of the euro would be perfectly justified.

Lipstok stated that in Estonia adopting the euro, there would be no reason to change the current exchange rate of the kroon. He also stated that talk and speculations about devaluing of the kroon are irresponsible as no one in Estonia would gain anything from such a move.