Estonia got the final and formal go ahead for joining the eurozone as ECOFIN - EU's Economic and Financial Affairs Council met Tuesday July 13th, 2010. Composed of the Economics and Finance Ministers of the 27 EU Member States, ECOFIN's decision was the last in a long decision process that have been ongoing throughout the first half of 2010.

The euro will now become the legal tender in Estonia as per January 1st, 2011.

Full information on the adoption of the euro in Estonia is available online at the Euroweb portal (http://euro.eesti.ee). e-focus has taken a look at some of the practicalities connected to Estonia's changeover process to euro, covering the following areas (actuality as per 13.07.2010):

 The Main Principles of the Changeover

 Cash exchange

 Conversion of bank accounts

 1 EUR = 15,6466 EEK - rounding rules

 The Dual Circulation Period

 Euro cash

Additional areas of interest for businesses in connection with the changeover - e.g. accounting, auditing, annual reports, the public sector, taxation - will be covered during the coming autumn as parts of SCCE's 2010 series of meetings, conferences and seminars on the economic environment headlined Here we are. What's next?

Click here for the e-focus article on the changeover to the euro.

Sincerely,

Kristiina Sikk
SCCE Ombudsman