Estonia accepted into euro zone

 

European Union finance ministers gave the final approval today to Estonia joining the euro zone from the start of 2011 and set an exchange rate for the conversion of Estonian kroon into euros.

Estonia will become the 17th member of the single currency area after it met EU entry requirements on inflation, debt and deficit levels, interest rates and currency stability.

The Baltic country of 1.3 million people has long had its kroon currency fixed against the euro in a currency board at 15.6466 kroon to one euro. The ministers agreed to keep that exchange rate as the final conversion rate.