Brussels, 23/03/2011 (Agence Europe) - The European Commission says that the introduction of the euro in Estonia in January 2011 took place without any major difficulty. In a press release, the Commission explains the great importance accorded to price stability through a fair pricing agreement introduced by the Estonian chamber of commerce. The 526 parties to the agreement (retailers, financial institutions, 16 local authorities and online trading websites) have pledged not to increase their prices without justification during the currency transition period and to respect the currency conversion rules. Nevertheless, according to a survey carried out by the European Commission, Estonians noted inflation of 8% in January 2011 although the real price rise was nearly 6%. In a press release published on 22 March, the Commission said the changeover to the euro had taken place at a time when inflation was rising from its historic lows of 2009. It said that in Estonia, people's impressions of inflation tend to closely follow actual changes, but it seems they have increased faster than real inflation in the second half of 2010. In January 2011, Estonia became the 17th EU member state to join the single currency. (M.B./transl.fl)