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BNS - The European Council at its meeting in Brussels on Thursday approved the planned entry of Estonia into the eurozone from Jan. 1 next year.
The European Council congratulates Estonia on the progress made in convergence, which has been achieved thanks to a sensible economic and monetary policy, and on the fulfilment of all the convergence criteria set out in the Treaty. The Council welcomes the Commission's propoasal concerning the adoption of the euro in Estonia on January 1, 2011, the government press office in Tallinn said.
Estonian Prime Minister Andrus Ansip thanked fellow EU leaders for support.
The final endorsement of Estonia's entry into the euro area along with the confirmation of the exchange rate at which the switch will take place must come from the ECOFIN council of EU finance ministers that is scheduled to gather on July 13.
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