15 facts one should know about the changeover to the euro

• * Estonia will change over to the euro at the first opportunity, i.e., when all the respective requirements (the so-called Maastricht criteria are met).
• There are no quantitative or temporal limitations as regards exchanging kroons into euro.
• Both account money and cash kroons will be exchanged into euro at the official exchange rate of Eesti Pank.
• The final exchange rate will be formally approved upon the accession to the euro area by a unanimous decision of the euro area Member States and Estonia. The Estonian kroon has been pegged first to the Deutsche Mark and then to the euro for over fourteen years. Thus Eesti Pank and the government presume Estonia will join the euro area on the basis of the current exchange rate of EUR 1 = EEK 15.6466.
• Kroon deposits will be automatically converted to euro on the €-day.
• Kroon cash and euro cash will be in dual circulation for two weeks after the €-day.
• Banks will exchange kroons into euro at the official exchange rate of Eesti Pank and without a service fee for a month prior to and six months following the €-day.
• Bigger bank offices will exchange kroons into euro for a period of one year. Thereafter, Eesti Pank will continue to exchange kroons into euro for an unspecified term and without a service fee.
• Shops will display prices in both kroons and euro for 4 to 6 months before and after the €-day.
• The Consumer Protection Board will monitor price developments before and after the changeover to the euro.
• As a rule, taxes and benefits will be rounded in the more favourable direction for taxpayers and beneficiaries.
• Changeover to the euro eliminates the theoretical possibility of devaluation of the kroon.
• Enterprisers will no longer have to invest in hedging exchange rate risks related to the euro and transactions costs will be smaller.
• The risk of a sudden increase in interest rates will be considerably smaller.
• Travelling will be more convenient, as the need to exchange currency in the euro area disappears.