Estonia, EU – Baltic States, Financial Services

On Wednesday, European Commissioner in charge of monetary affairs Olli Rehn stated that Estonia’s accession to the euro area is by no means certain.

Prime Minister Andrus Ansip stated at the Government press conference on Thursday that Rehn said what he could and nothing more. “What could he have stated differently? The position will be presented on May 12 and they have nothing but the criteria to base the decision on,” he asserted. According to Ansip, Estonia has met the criteria in a sustainable manner and hence he is convinced that the decision will be positive for Estonia.

When asked about different analysts stating on Wednesday that Estonia would not be accepted into the euro area in 2011, Ansip advised journalists not to jump into the boat with every analyst as opinions differ.

Minister of finance Jürgen Ligi commented that Rehn has to present the current situation in his statements and it is true that nothing is certain at the moment. “However, the Commission’s solid support for Estonia is well known and it is not a secret that our position is estimated to be a good one,” he explained. “Rehn is not the one to say that Estonia has not done its job – this has to be indicated by the criteria and whether they are met or not,” added Ligi.

When asked at the press conference, what would happen if Estonia would not make it into the euro area in 2011, Prime Minister Ansip stated that nothing would be wrong then, either. “I am convinced that everything that we have done thus far, is for the good of Estonia,” he stated. “Whether for the euro or not, a conservative budgetary policy has been good for us,” emphasised the head of Government.