Central Banking

Estonia gets final nod to join euro


Ecofin, the European Council of finance ministers, put the final seal on Estonia's bid to join the single currency on Tuesday.

Meeting in Brussels, Ecofin fixed the rate at which Estonian krooni will be exchanged for euros at 15.6466 on 1 January 2011.

The exchange rate has been pegged at this rate since the creation of the euro in 1999. Estonia has operated a currency board since 1992 when it first pegged the kroon to the d-mark and subsequently the euro.

"Estonia has achieved a high degree of

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