Eesti Pank supports the decision taken on 16 January 2004 by the Government of the Republic of Estonia foreseeing joining the exchange rate mechanism, ERM2, as fast as possible after 1 May 2004 and being ready to adopt the euro cash in the middle of 2006.
"The standpoint supports Eesti Pank's position on that matter while also signifying the beginning of a national project involving transition to the euro in co-operation with the government, Eesti Pank and the private sector. The objective is to be among the first new Member States to adopt the euro," commented Vahur Kraft, Governor of Eesti Pank.
Kraft added that rapid incorporation into the euro area is an objective for Estonia since it would promote our competitiveness, economic growth, employment, and hence also consistent improvement in the living standard. "Being among the first is not an aim in itself, but Estonia's good economic indicators give grounds to consider the rapid transition reasonable, and this is a logical continuation of our current stable monetary policy," Kraft stressed. Still, according to him, it is necessary to reduce Estonia's current account deficit so as to secure balanced economic development. It is also essential to continue the current economic policy.
In order to adopt the euro, all acceding countries have to join the exchange rate mechanism ERM II. ERM II is a framework for the participants to tie the exchange rates of their national currencies to the euro and bring their economic indicators in line with the Maastricht criteria. The overall objective of the process is to promote macroeconomic stability in the new Member States by providing as extensive support as possible to sustainable growth and real convergence.
"Estonia has good prospects for meeting the criteria. The exchange rate of the Estonian kroon is already pegged to the euro and the currency board system will be maintained under ERM II - the appropriateness thereof for the ERM II period has in principal been accepted by European institutions, most recently on 18 December by the Governing Council of the European Central Bank. The consistently sustained balanced fiscal policy after regaining independence and the low debt burden of the government enable Estonia to currently formally meet the requirements set for the budget and government debt. Also interest rates and the inflation rate have been declining in recent years," Kraft added.
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