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Thursday, 25.04.2024, 13:49
European Commission recommends admitting Estonia to eurozone in 2011
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The report of the European Commission and the European Central Bank is non-binding for the European Council, which will consider the matter in July, writes LETA.
If the European Union member states support Estonia's accession to the eurozone, Estonia will become the 17th country to join the eurozone, and the first Baltic country to do so.
Estonia will also be the fifth country of those that joined the EU in 2004 to adopt the euro. Slovenia introduced the single currency in 2007, Cyprus and Malta did so in 2008, and Slovakia in 2009.
To join the eurozone, the candidates must meet several criteria dealing with state debt and budget deficit levels, inflation and others.
Estonia was initially planning to adopt the euro in 2007, but was prevented by too high inflation.
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