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Almunia: Estonia might adopt euro only in several years
Juhan Tere, BC, Tallinn, 14.01.2009.
Print version
Print versionJoaquin Almunia, the European Commissioner in charge of monetary affairs, stated on Tuesday that it might take several years before Estonia would be able to adopt the euro, writes Postimees Online/LETA.
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| Joaquin Almunia. |
Almunia noted that in the next few years Estonia might not be able to limit its budgetary deficit to 3% of GDP that would make it possible to adopt the single currency.
If Estonia should in the next few years exceed the limit for the budgetary deficit which is set at 3% of GDP, it would not be able to adopt the euro for several years.
When speaking about the inflation rate that has been a problem for Estonia in the past few years, Almunia noted that the rate is falling and hoped that if Estonia will be able to control its budgetary deficit in a couple of years, the inflation rate would not surge again.
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