"Estonian euro coins Estonian euro coins entered circulation on 1 January 2011. Estonia is the fifth of ten states that joined the EU in 2004, and the first ex-Soviet republic, to join the eurozone. Of the ten new member states, Estonia was the first to unveil its design. It originally planned to adopt the euro on 1 January 2007; however, it did not formally apply when Slovenia did, and officially changed its target date to 1 January 2008, and later, to 1 January 2011. On 12 May 2010 the European Commission announced that Estonia had met all criteria to join"
"2011. Estonia was the fifth of ten states that joined the EU in 2004, and the first ex-Soviet republic to join the eurozone. Of the ten new member states, Estonia was the first to unveil its design. It originally planned to adopt the euro on 1 January 2007; however, it did not formally apply when Slovenia did, and officially changed its target date to 1 January 2008, and later, to 1 January 2011. On 12 May 2010 the European Commission announced that Estonia had met all criteria to join the eurozone. On 8 June 2010, the EU finance ministers agreed"
"the adoption date was delayed to 2011. On 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state. The privatisation of state-owned firms is virtually complete, with only the port and the main power plants remaining in government hands. The constitution requires a balanced budget, and the protection afforded by Estonia's intellectual property laws is on a par of that of Europe's. In early 1992 both liquidity problems and structural weakness stemming from the communist era precipitated a banking crisis. As a result, effective bankruptcy legislation was enacted and privately owned, well-managed banks emerged as market"
"on 9 December 2011 by the European Council. The participants are the eurozone member states and all other EU members without the United Kingdom and the Czech Republic. The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date and on 1 April 2014 entered into force for all 25 signatories. Despite speculation that the crisis in Greece could spread and that the euro might fail, some newer EU states from the 2004 enlargement joined the currency during the recession. Slovenia, Malta and Cyprus all acceded within the first two years"
"euro currency union as the third stage of the European Economic and Monetary Union (EMU). Further, certain states outside the EU have adopted the euro as their currency, despite not belonging to the EMU. Thus, a total of 25 states, including 19 European Union states and six non-EU members, currently use the euro. The Eurozone came into existence with the official launch of the euro on 1 January 1999. Physical coins and banknotes were introduced on 1 January 2002. The original members were Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece adopted the euro"
"coins, but would not get a seat in ECB or the Eurogroup until they met all the convergence criteria. However, the EU has not agreed to this alternative accession process. The eurozone was born with its first 11 Member States on 1 January 1999. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. Along with the formal eurozone states, the euro also replaced currencies in four microstates, Kosovo and Montenegro who all used the currencies of one of the member countries. Denmark and Sweden held"
"1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Finnish markka. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia joined on 1 January 2014 and Lithuania joined on 1 January 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to"
"the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the D-mark. The eurozone was established with its first 11 member states on 1 January 1999. The first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The zone's next enlargements were with states that joined the EU in 2004, and then joined the eurozone on 1 January in the mentioned year: Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), and Lithuania (2015)."
"physical notes and coins were introduced on 1 January 2002 replacing all national currencies. Between 2007 and 2015, seven new states acceded. The 2012 data above of eurozone states were published by World Bank in May 2014. Latvia and Lithuania were not in the eurozone in 2012. Five of the dependent territories of EU member states not part of the EU, have adopted the euro: The euro is also used in countries outside the EU. Four states – Andorra, Monaco, San Marino, and Vatican City — have signed formal agreements with the EU to use the euro and issue their"
"austerity while France and the United States were relatively strong creditors – gained attention in summer 2012 even as Germany received a debt-rating warning of its own. In the enduring of this scenario the Euro serves as a mean of quantitative primitive accumulation. The euro is the sole currency of 19 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. These countries constitute the ""eurozone"", some 343 million people in total . With all but two of the remaining EU members obliged to join, together"
"Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania joined on 1 January 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, going from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany, where the mark officially ceased to be legal tender on 31 December 2001, though the exchange period lasted for"
"Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the French franc and the Spanish peseta. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011 Latvia in 2014, and Lithuania joined in 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, going from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased to be legal"
"and the later course of events have indisputably proven the correctness of the choice made. All the laws and other legal acts planned for the beginning of the monetary reform came into effect. Eesti Pank began to publish daily exchange rates of the Estonian kroon against the most important foreign currencies. With the introduction of the euro on 1 January 2011, the Bank of Estonia became a member of the Eurosystem or the system of Eurozone central banks that of that collectively set and implement the zone's monetary policy. Some of the functions of the bank were taken over by"
"the eurozone. On 8 June 2010, the EU finance ministers agreed that Estonia would be able to join the euro on 1 January 2011. On 13 July 2010, Estonia received the final approval from the ECOFIN to adopt the euro as from 1 January 2011. On the same date the exchange rate at which the kroon would be exchanged for the euro (€1 = 15.6466 krooni) was also announced. On 20 July 2010, mass production of Estonian euro coins began in the Mint of Finland. 2012 coins were produced by the Royal Dutch Mint, having won the production bid. For"
"their national laws comply with the ECB statute, ESCB statute and of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession. , there are 19 EU member states in the eurozone, of which the first 11 (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain) introduced the euro on 1 January 1999 when it was electronic only. Greece joined"
"was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the countries in eurozone 12, such as the Italian lira and the German mark. Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia joined on 1 January 2014. and Lithuania joined on 1 January 2015. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro lasted about two months, going from 1 January 2002 until 28 February 2002. The official date on which the national currencies ceased"
"concerns with banking secrecy, the EU and Andorra signed a monetary agreement on 30 June 2011 which made the euro the official currency in Andorra and allowed them to mint their own euro coins as early as 1 July 2013, provided they comply with the agreement's terms. However, the first Andorran euro coins did not enter into circulation until January 2015. Outside the EU, there are currently three French territories and a British territory that have agreements to use the euro as their currency. All other dependent territories of eurozone member states that have opted not to be a part"
"exchange rate. In September 2011, a diplomatic source close to the euro adoption preparation talks between the seven remaining new Member States from Eastern Europe who had yet to adopt the euro (Bulgaria, Czech Republic, Hungary, Latvia, Lithuania, Poland and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their signing of the accession treaty may very well end up being a very different union entailing much closer fiscal, economic and political convergence. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to"
"on 1 January 2001. Slovenia joined on 1 January 2007, Cyprus and Malta were admitted on 1 January 2008, Slovakia joined on 1 January 2009, Estonia on 1 January 2011, Latvia on 1 January 2014 and Lithuania on 1 January 2015. Outside the EU, agreements have been concluded with Andorra, Monaco, San Marino, and Vatican City for formal adoption, including the right to issue their own coins. Montenegro and Kosovo unilaterally adopted the euro when it launched. There has long been speculation about the possibility of the European Union eventually becoming a fiscal union. In the wake of the European"
"became the currency of over 300 million people in Europe. For the first three years of its existence it was an invisible currency, only used in accounting. Euro cash was not introduced until 1 January 2002, when it replaced the national banknotes and coins of the 12 countries in the eurozone, such as the Dutch guilder and the Portuguese escudo. Today, the €50 note is used by some 332 million Europeans and in the 22 countries which have it as their sole currency (with 20 legally adopting it). Slovenia joined the Eurozone in 2007, Cyprus and Malta in 2008, Slovakia"
"well end up being a very different union entailing much closer fiscal, economic and political convergence. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which ""could force them to stage new referendums"" on euro adoption. Nine countries (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom) are EU members but do not use the euro. Before joining the eurozone, a state must spend two years in the European Exchange Rate Mechanism (ERM II). As of January 2017, only the"
"an accounting currency with eleven member states joining. In 2002, the currency was fully put into place, when euro notes and coins were issued and national currencies began to phase out in the eurozone, which by then consisted of 12 member states. The eurozone (constituted by the EU member states which have adopted the euro) has since grown to 19 countries. The euro, and the monetary policies of those who have adopted it in agreement with the EU, are under the control of the European Central Bank (ECB). The ECB is the central bank for the eurozone, and thus controls"
"January in the mentioned year: Slovenia (2007), Cyprus (2008), Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), and Lithuania (2015). All new EU members having joined the bloc after the signing of the Maastricht treaty in 1992, are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic convergence criteria which needs first to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion, which requires having been an ERM-member for a minimum of two years without the presence of ""severe tensions"" for the currency"
"Revolution. Slovenia became the first formerly communist nation to adopt the EU currency, the euro, in 2007, followed by Malta and Cyprus in 2008, and Slovakia in 2009. In 2011, Estonia became the first republic from the former Soviet Union to adopt the euro, followed by Latvia in 2014, and Lithuania in 2015. Recently, Croatia became the 28th member of the European Union, which had entered on the 1st day of July 2013. In 2008, the Global Financial Crisis, triggered by the housing bubble in the United States, caused a significant decline in the GDP of the majority of the"
"2008, the Eurozone with the euro as the national currency. The first elections after membership were held in March 2008 resulting in a narrow victory for the Nationalist Party with 49.34% of first preference votes. In May 2011, a nationwide referendum was held on the introduction of divorce. This was the first time in the history of parliament that a motion originating outside from the Cabinet had been approved by Parliament. In March 2013, the slim majority enjoyed by the Nationalists was overturned dramatically with the Labour Party returning to Government after fifteen years in Opposition. A record-breaking vote disparity"
"that Estonia would be able to join the euro on 1 January 2011. On 13 July 2010, Estonia received the final approval from the ECOFIN to adopt the euro as from 1 January 2011. On the same date the exchange rate at which the kroon would be exchanged for the euro (€1 = 15.6466 krooni) was also announced. On 20 July 2010, mass production of Estonian euro coins began in the Mint of Finland. Being a member of the eurozone, NATO and the European Union, Estonia is the most integrated in Western European organizations of all Nordic states. Estonia–Russia relations"
"Monetary Fund. Because of its rapid growth, Estonia has often been described as a Baltic Tiger beside Lithuania and Latvia. Beginning 1 January 2011, Estonia adopted the euro and became the 17th eurozone member state. According to Eurostat, Estonia had the lowest ratio of government debt to GDP among EU countries at 6.7% at the end of 2010. A balanced budget, almost non-existent public debt, flat-rate income tax, free trade regime, competitive commercial banking sector, innovative e-Services and even mobile-based services are all hallmarks of Estonia's market economy. Estonia produces about 75% of its consumed electricity. In 2011, about 85%"
"installed the Euro as its currency on January 1, 2001. More European countries agreed to join the union in the following years; Slovenia (2007), Cyprus and Malta (2008), and Slovakia (2009). Countries are only allowed to begin utilizing the Euro when they have met certain requirements set about by the EMU. The criteria includes ""a low and stable inflation, exchange rate stability and sound public finances."" The reason for such criteria is because the best way to achieve a successful economy is by ensuring price stability. Economic history of Europe This article covers the Economic history of Europe from about"
"countries in the region. All three countries are members of the European Union, and the Eurozone. They are classified as high-income economies by the World Bank and maintain high Human Development Index. Estonia, Latvia, and Lithuania are also members of the OECD. Estonia adopted the euro in January 2011, Latvia in January 2014, and Lithuania in January 2015. Estonians are Finnic people, together with the neighboring Finns. The Latvians and Lithuanians, linguistically and culturally related to each other, are Baltic and Indo-European people. The peoples comprising the Baltic states have together inhabited the eastern coast of the Baltic Sea for"
"members of the Eurozone include Austria, Germany, Luxembourg, Slovakia, and Slovenia. Croatia, the Czech Republic, Hungary and Poland use their currencies (Croatian kuna, Czech koruna, Hungarian forint, Polish złoty), but are obliged to adopt the Euro. Switzerland uses its own currency, Swiss franc. Countries in descending order of Human Development Index (2014 data): The index of globalization in Central European countries (2015 data): Legatum Prosperity Index demonstrates an average and high level of prosperity in Central Europe (2016 data): Most countries in Central Europe score tend to score above the average in the Corruption Perceptions Index (2015 data): According to"
"adopting the currency on that date. In 2013 Latvia gained the support of the European Commission, Central Bank and Parliament for accession on 1 January 2014 with Latvia adopting the currency on that date. On 23 July 2014 Lithuania became the last Baltic state to gain permission to join the euro, which was adopted on 1 January 2015. The chart below provides a full summary of all applying exchange-rate regimes for EU members, since the European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU was born on 13 March 1979. The euro replaced the"
"II on 28 June 2004; the Cypriot pound, the Latvian lats and the Maltese lira on 2 May 2005; the Slovak koruna on 28 November 2005. These states have all since joined the eurozone, and hence left ERM II: Slovenia (1 January 2007), Cyprus (1 January 2008), Malta (1 January 2008), Slovakia (1 January 2009), Estonia (1 January 2011), Latvia (1 January 2014), and Lithuania (1 January 2015). As of 2016, only the Danish krone participates in ERM II. The currencies of Sweden (the Swedish krona), the three largest countries which joined the European Union on 1 May 2004 (the"
"granting emergency loans to member states in return for enacting economic reforms. The eurozone has also enacted some limited fiscal integration, for example in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. In 1998 eleven member states of the European Union had met the euro convergence criteria, and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999. Greece qualified in 2000 and was admitted on 1 January 2001 before"