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Bank of Estonia: exchange rate of Estonian kroon is already fixed in relation to euro
Juhan Tere, BC, Tallinn, 09.07.2008.
Print version
Print versionThe Bank of Estonia stated that the exchange rate of Estonian kroon is already fixed in relation to the euro and when Estonia will adopt the euro, the exchange rate will not be changed.
While the EU Commissioner in charge of monetary affairs Joaquin Almunia told Äripäev that when Estonia finally will accede to the euro area, the European Commission will be entitled to determine the exchange rate for the transition and this will in turn have to be approved by the council of ministers of finance.
The Bank of Estonia explained that fixing of the exchange rate of the Estonian kroon against the euro will only take place in legal terms as all countries will have to be treated equally – i.e. the accession procedure will have to be the same for all Member States.
“Essentially it will not be necessary to fix the exchange rate of the Estonian kroon against the euro as it is already fixed,” noted the Estonian central bank.
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