Estonia successfully adopts Euro

Estonia successfully adopts Euro

2011-01-03 22:46:34 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- The European Commission on Monday informed that Estonia successfully adopted the Euro starting last Saturday as the changeover process is undergoing according to plan.

On January 1, Estonia began a process to replace their previous currency the kroon for the Euro, thus becoming the 17th member of the Euro zone using the Euro as its currency. The adoption process consists in a two-week gradual transition.

By the end of Sunday, about 26 percent of payments in shops and businesses were made in Euros only and more than 90 percent of customers got their change in Euro currency. No major issues were reported in banks or in the retail sector.

Half of Estonian citizens already had Euros two days before the changeover and more than 60 percent had Euro coins from an exchange in a bank or post office, according to recent survey. All ATMs were distributing Euro bank notes as from the first hour of Saturday.

In the same way, POS (point-of-sales) terminals for card payments in shops and businesses were successfully converted to Euro in time for the opening of shops on January 1. The commercial activity was lower than normal due to New Year holidays.

During the first day, most Estonian paid using kroons in order to get euros in change and avoiding having to go to banks to exchange currency. However, at the end of the second day, 26 percent of people paid using euros and 92 percent of businesses were returning euros.

Ahead of the adoption, banks have supplied Euro cash to shops and businesses under contract so they can handle payments and return change in Euro starting on Saturday. With the addition of Estonia to the Euro area, over 330 million people will share the same currency.

"The Euro is a common good, not only for those who already use it on a daily basis, but also for those who, will want to adopt it at some point in the future as well as those who have no such intention. The Euro is both a world currency and one of the pillars of the European Union," said European Parliament President Jerzy Buzek last week.

-- © BNO News All rights reserved 2011-01-03