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Economy / Estonia

2012 Euro Adoption Still On Track

November 2009 | Risk Summary

A senior official at the Bank of Estonia stated on November 16 that the central bank expects Estonia to meet all Maastricht criteria for euro entry in both 2009 and 2010. Deputy Governor Marten Ross added that both the Bank of Estonia and government were working toward the same objective of adopting the euro by 2011. Despite the central bank's confident statements we hold to our core view that Estonia will not enter the eurozone until 2012 at the earliest. Despite the government's best efforts, we believe that it will be extremely unlikely that the general government budget deficit will

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