2011 Euro Adoption On Track

We stand by our view for Estonia to become the 17th member of the eurozone in 2011. The positive recommendation for membership from the European Commission on May 12, will set the stage for Estonia to enter the final processes of joining the Eurosystem. While our core scenario is for a seamless transition, we caution that rising headline inflation, caused predominantly by increasing imported consumer price growth could yet risk a delay in the accession process by a year.

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