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At today’s joint meeting of the European Union Affairs Committee and the Finance Committee of the Riigikogu, Estonia’s preparations for accession to the euro zone were discussed. The Minister of Finance Jürgen Ligi and President of Eesti Pank Andres Lipstok gave to members of the Committees an overview of what had been done so far and the activities of the near future, and the meetings related to transition to the euro.

Ligi introduced the technical and legal details of transition which Estonia is ready to handle. In Lipstok’s opinion, all Maastricht criteria are important and Estonia is focusing on fulfilling them.

The representative of the Estonian Chamber of Commerce and Industry Mait Palts asserted that the potential price leaps in connection with transition to the euro would be addressed in cooperation with the Consumer Protection Board and the organisations uniting trading enterprises. The state cannot directly regulate prices by Acts; however, traders have the possibility to carry out the recalculation of prices honestly.

Chairman of the Finance Committee Taavi Rõivas noted that the potential price fluctuation in connection with transition to the euro would be the main concern for people at a day-to-day level. Another important issue is maintaining the exchange rate of the kroon and the euro which is not going to be altered.

Chairman of the European Union Affairs Committee Marko Mihkelson confirmed that the EU Affairs Committee is observing the activities of Estonia’s transition to the euro by organising special relevant sittings as well as routinely, by meeting the Minister of Finance before the meetings of the European Union finance ministers (ECOFIN).

The Riigikogu Press Service