Brussels, 16/06/2010 (Agence Europe) - On Wednesday 16 June, the European Parliament approved Estonia's accession to the euro on 1 January 2011. With their adoption of the report by Edward Scicluna (S&D, Malta) by 589 votes to 40, with 52 abstentions, MEPs endorsed the Commission proposal (see EUROPE 10139). The Ecofin Council has already come out in favour of Estonia's adopting the single currency, but the procedure will not be finalised until July, following approval by heads of state and government at the European Council on Thursday (see related article).
The Scicluna report notes that “Estonia has fulfilled the criteria, as a result of determined, credible and sustained efforts by the Estonian government and the Estonian people”. It states, too, that the Estonian government must “maintain its prudent fiscal policy stance” and that the authorities must take care “to ensure that the introduction of the euro is not used for hidden price increases”. The EP, however, expresses “concern regarding the discrepancies between the convergence reports of the Commission and the ECB as regards the sustainability of price stability”. (A.B./transl.rt)