Press Release: Convergence Report 2010 by the Commission assesses readiness of non-euro area EU countries to adopt the euro; proposes Estonia joins euro area in 2011

The European Commission issued on 12 May 2010 its 2010 Convergence Report. It assesses progress with convergence in countries with derogation from euro area membership. The assessment takes place against the background of the global financial crisis, which has affected the prospects for nominal convergence. The nine Member States with a so-called 'derogation' have made uneven progress on the road to the single currency, and eight of them do not yet meet all the conditions for euro adoption.

However, Estonia stands out from the group, fulfilling the criteria cleary, as a result of determined and efficient efforts by the Estonian government and Estonian people. Therefore, the Commission concluded that Estonia meets the criteria for adopting the euro and made a proposal to the Council to this effect. The will take the final decision on the adoption of the euro in Estonia in July 2010, after the Parliament has given its opinion and the EU Heads of State and Government have discussed the subject at their summit meeting in June 2010.

• Primary Source

ESO: Background information: Estonia warns against tighter euro entry rules http://www.europeansources.info/record/estonia-warns-against-tighter-euro-entry-rules/

Hospodářské Noviny, 19.5.10: Estonia, teacher’s pet http://www.presseurop.eu/en/content/article/254491-estonia-teacher-s-pet

BBC News, 12.5.10: Estonia 'can adopt euro' in 2011 - EU Commission http://news.bbc.co.uk/1/hi/8678073.stm

European Commission: DG Economic and Financial Affairs: European Economy, No.3, 2010: Convergence Report 2010 http://ec.europa.eu/economy_finance/publications/european_economy/2010/ee3_en.htm

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