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2024, Estonia

Estonia to adopt the euro in 2024

Estonia to join the Eurozone on January 1, 2024

Estonia will become the 20th member of the Eurozone on January 1, 2024. The country's accession to the single currency area was approved by the European Council on July 13, 2022, and by the Estonian parliament on June 22, 2023.

Estonia has been preparing to adopt the euro for several years. The country has met all of the Maastricht criteria for euro adoption, including having a low level of inflation, a stable exchange rate, and a sound fiscal position. Estonia's central bank, the Bank of Estonia, has also been working closely with the European Central Bank to ensure a smooth transition to the euro.

The adoption of the euro is expected to bring a number of benefits to Estonia. These include lower transaction costs, increased trade and investment, and greater financial stability. The euro is also seen as a symbol of European integration, and Estonia's adoption of the currency is a further sign of the country's commitment to the European Union.

However, there are also some potential risks associated with adopting the euro. These include the possibility of higher inflation, a loss of monetary sovereignty, and the imposition of new regulations by the European Central Bank. Estonia will need to carefully manage these risks in order to ensure a successful transition to the euro.