EU Approves Estonia's Joining Euro Zone in 2011

European Union finance ministers gave the final approval on Tuesday to Estonia joining the euro zone from the start of 2011 and set an exchange rate for the conversion of Estonian kroon into euros.

Estonia will become the 17th member of the single currency area after it met EU entry requirements on inflation, debt and deficit levels, interest rates and currency stability, Forexyard informs.

EU finance ministers at their regular monthly meeting in Brussels agreed that the kroon should be exchanged for the euro at the rate of 15.6466 crowns to 1 euro, diplomatic sources said.

That is the level at which the currency has been pegged ever since the euro was created. One euro is currently worth 1.258 dollars, Earthtimes reports.