Hatunen

I gather Estonia and several other nations will join the EU next
spring. Are there any indications of when Estonai will be
adopting the euro? At one time the talked of adopting it even
before joining, so I wondered if they were wound up for a quick
conversion.

************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *

Gregory Morrow

Hatunen wrote:

    > I gather Estonia and several other nations will join the EU next
    > spring. Are there any indications of when Estonai will be
    > adopting the euro? At one time the talked of adopting it even
    > before joining, so I wondered if they were wound up for a quick
    > conversion.


I found this:

http://www.export.gov/artman2/publish/euro.shtml

"The European Union welcomed 10 new countries into the EU at the Copenhagen
Summit December 12-13, successfully culminating many years of planning for
EU Enlargement. The 10 new countries, set to join the EU on May 1, 2004,
are: Poland, the Czech Republic, Hungary, Slovenia, Cyprus, Malta, Slovakia,
Latvia, Lithuania, and Estonia. The new countries will not automatically
adopt the euro upon accession. First, they must join the Exchange Rate
Mechanism (ERM) under which their currency can fluctuate only plus or minus
15 percent from a central rate. If these countries are successful in the ERM
for at least two years and they meet the Maastricht criteria on budgets,
debt, inflation, and long-term interest rates, then they would be eligible
to join the euro. The new countries must adopt the euro eventually but the
timetable for actual adoption is not definite."

</>

Laurent

New EU entrants will adopt the Euro not before 2008-2010 at best.
There are some technical hurdles they need to solve before entering
the Eurozone.

But since Estonia is Finland's suburb, I assume the Euro is widely
accepted in Estonia.

Hatunen <[email protected]> wrote in message news:<[email protected]>. ..
    > I gather Estonia and several other nations will join the EU next
    > spring. Are there any indications of when Estonai will be
    > adopting the euro? At one time the talked of adopting it even
    > before joining, so I wondered if they were wound up for a quick
    > conversion.
    >
    > ************* DAVE HATUNEN ([email protected]) *************
    > * Tucson Arizona, out where the cacti grow *
    > * My typos & mispellings are intentional copyright traps *

Timo Saarto

On 22 Aug 2003 03:58:00 -0700, [email protected] (laurent)
wrote:
    >But since Estonia is Finland's suburb, I assume the Euro is widely
    >accepted in Estonia.

Nope. Estonian currency is the crown. Period.

(OK somewhere somebody may accept Euros as payment but at an
exorbitant rate but that's different thing).

Tim

"Timo Saarto" <[email protected]> wrote in message
news:[email protected]...
    > On 22 Aug 2003 03:58:00 -0700, [email protected] (laurent)
    > wrote:
    > >But since Estonia is Finland's suburb, I assume the Euro is widely
    > >accepted in Estonia.
    > Nope. Estonian currency is the crown. Period.
    > (OK somewhere somebody may accept Euros as payment but at an
    > exorbitant rate but that's different thing).

Really?

I have no personal experience of the Baltic states but in my travels
two years ago through the southern part of Eastern Europe most
people in the 'tourist' industy happily accepted the DM at par
and many were disappointed when, seeing my pocket full of
DMs, that I actually chose to give them their own currency.
I presume that they now treat the Euro the same way

Tim

Miguel Cruz

tim <[email protected]> wrote:
    > "Timo Saarto" <[email protected]> wrote:
    >> Nope. Estonian currency is the crown. Period.
    >> (OK somewhere somebody may accept Euros as payment but at an
    >> exorbitant rate but that's different thing).
    > I have no personal experience of the Baltic states but in my travels two
    > years ago through the southern part of Eastern Europe most people in the
    > 'tourist' industy happily accepted the DM at par and many were
    > disappointed when, seeing my pocket full of DMs, that I actually chose to
    > give them their own currency.

Perhaps they were sorely disappointed because they had been looking forward
to charging you an exorbitant exchange rate.

miguel
--
Hit The Road! Photos and tales from around the world: http://travel.u.nu

Henry

Gregory Morrow <[email protected]> wrote:

    > I found this:
    >
    > http://www.export.gov/artman2/publish/euro.shtml
    >
    > "The European Union welcomed 10 new countries into the EU...

    > .... The new countries must adopt the euro eventually but the
    > timetable for actual adoption is not definite."

Interesting. This seems to imply that the new countries won't have the
'opt out' right now being exercised by Sweden, Denmark and the UK. Can
that be true? 'Yes, you can join our organisation, but you have to
follow rules that we ourselves don't have to follow because we were here
first'. ???

cheers,

Henry

Tim

"Henry" <[email protected]> wrote in message news:1g055xg.h5g80km5vf2eN%[email protected]...
    > Gregory Morrow <[email protected]> wrote:
    >
    > > I found this:
    > >
    > > http://www.export.gov/artman2/publish/euro.shtml
    > >
    > > "The European Union welcomed 10 new countries into the EU...
    >
    > > .... The new countries must adopt the euro eventually but the
    > > timetable for actual adoption is not definite."
    >
    > Interesting. This seems to imply that the new countries won't have the
    > 'opt out' right now being exercised by Sweden, Denmark and the UK. Can
    > that be true? 'Yes, you can join our organisation, but you have to
    > follow rules that we ourselves don't have to follow because we were here
    > first'. ???

yep, that's exactly how it is.

tim



    >
    > cheers,
    >
    > Henry

Tim

"Miguel Cruz" <[email protected]> wrote in message news:[email protected]...
    > tim <[email protected]> wrote:
    > > "Timo Saarto" <[email protected]> wrote:
    > >> Nope. Estonian currency is the crown. Period.
    > >>
    > >> (OK somewhere somebody may accept Euros as payment but at an
    > >> exorbitant rate but that's different thing).
    > >
    > > I have no personal experience of the Baltic states but in my travels two
    > > years ago through the southern part of Eastern Europe most people in the
    > > 'tourist' industy happily accepted the DM at par and many were
    > > disappointed when, seeing my pocket full of DMs, that I actually chose to
    > > give them their own currency.
    >
    > Perhaps they were sorely disappointed because they had been looking forward
    > to charging you an exorbitant exchange rate.

I said that they did these exchanges at 'par', in some case if the amount
merited it, they rounded in your favour so it was better to pay in DM, but
as I generally had a wallet full of funny money that was no good to me back
home I spent it first.

Tim


    >
    > miguel
    > --
    > Hit The Road! Photos and tales from around the world: http://travel.u.nu