The European Economic & Financial Affairs Council of Ministers, ECOFIN, meeting in Brussels on July 13th has decided to give green light to Estonia's accession to the Euro-zone. Estonian Kroonid will therefore be the 17th currency to be part of the Euro by January 1st 2011.

The decision taken by the European Economic & Financial Affairs Council of Ministers, ECOFIN, will extend the Euro area to a  17th Member State, Estonia, and gives this country almost six months to prepare for the changeover. European Council already expressed its intention to support Estonia to join the Euro area at this meeting, on the grounds of the positive reports published both by the Commission and the European Central Bank.

Prior to the changeover, the Council has also adopted Regulations setting a permanent conversion rate for the Estonian Kroon against the Euro, and adapting certain technical provisions on the Euro. Euro notes and coins will be issued in Estonia at the same time as adoption of the Euro.

This conversion rate is set at 15,6466 Estonian Kroonid to one Euro, which corresponds to the current central rate of the Kroon in the EU's exchange rate mechanism (ERM II). Sixteen of the 27 Member States of the EU currently have the Euro as their currency.

Euro banknotes and coins were introduced:

• 1 January 2002 in Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Austria and Finland
• 1 January 2007 in Slovenia
• 1 January 2008 in Cyprus and Malta
• 1 January 2009 in Slovakia