|
Reuters-BNS - The European Union is likely to approve Estonia's application for membership of the eurozone in the first half of next year, the International Monetary Fund's head for Europe Marek Belka said on Wednesday.
Belka, who took part in the last meeting of eurozone finance ministers at the beginning of December, told Reuters he was confident that Estonia would be invited to join the eurozone.
"I hope and I think there is a high likelihood that the EU will give Estonia the green light for euro adoption in the first half of 2010," Belka told Reuters over the phone, clarifying remarks made earlier.
Approval in the first half would allow the government to meet its target of joining by the start of 2011.
The EU's executive Commission reviews Estonia's efforts to meet euro zone entry criteria, and its invitation to join then has to be backed by EU finance ministers.
The European Central Bank, EU parliament and EU leaders are also consulted in the process that, if started early next year, would end in early July, allowing the candidate country to prepare for the switch-over to euro banknotes and coins from the start of 2011.
Estonia is expected to meet all the criteria for eurozone membership.
|
