Deputy Governor of central bank talked about euro changeover principles in Rapla

On Wednesday, Eesti Pank's Deputy Governor, Märten Ross gave a presentation at the Rapla County Government, where he explained the prerequisites, timetable and principles of adopting the euro. Ross also answered questions pertaining to the future of the euro area.

After an almost hour-long presentation, Märten Ross replied to the several questions of dozens of people. Some questions regarded the adoption of the euro and the exchange rate, but mostly they concerned the developments in the euro area.

"The problems in the euro area, which are currently being solved, have existed for a while. The events in Greece have made it evident that these questions must be answered. The latest decisions regarding this situation demonstrate that the will to commonly solve these issues is very strong. This gives reason to believe that the euro will exit the crisis stronger than before", Ross said.

"Upon joining the euro area we must keep in mind that using the single currency will add stability to the Estonian economy and will foster our long-term growth potential. However, the euro is not the only solution to the structural problems in our economy and this will not decrease the need to continue with conservative fiscal policy principles", Ross added.

The aim of Eesti Pank's lecture series discussing the euro changeover is to explain, when the decisions regarding Estonia's potential accession to the euro area will be made, how the currency exchange will occur in reality and how to be prepared for it. The key principle of the changeover is to make it as comfortable for the people as possible.

This Thursday, a similar presentation will be given in Pärnu by the Head of the Economics Department Ülo Kaasik. The lecture will begin at 15:00 at the Pärnu City Government.

Presentations within Eesti Pank's lecture series have already taken place in Krootuse, Kallaste, Elva, Narva, Jõgeva, Kohtla-Järve, Rakvere, Kuressaare, Paide, Kärdla and Rapla. Keila and Valga will be visited at the beginning of June.

Altogether, the central bank's lectures will take place in 18 cities and rural municipalities.

The presentations will be given by the Governor of Eesti Pank Andres Lipstok, Deputy Governors Rein Minka and Märten Ross, the Head of the Economics Department Ülo Kaasik and the Head Specialists of the same department Natalja Viilmann and Peeter Luikmel. Information on the schedule, principles and events related to the euro changeover is available on the Euroweb. See the schedule of performances regarding the euro changeover on the Euroweb events page. There you can also find the presentation materials of the lectures.

Further information:
Viljar Rääsk
Public Relations Office
Telephone: +372 668 0745; +372 527 5055
E-mail: viljar.raask [at] eestipank.ee