EU says successful Euro changeover in Estonia

The European Commission on Monday announced that Estonia underwent a successful Euro changeover as the dual circulation period ended last Friday.

The Commission set a deadline for a dual currency circulation period in which both the Estonian kroon and the Euro were used as citizens of the Balkan country got used to the new currency.

"This successful and smooth changeover is no coincidence. It is the result of careful preparations, in close contacts with the Commission and the ECB," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

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Three EU finance watchdogs begin operations

BRUSSELS -- The European Union on Monday informed that three new European Authorities for the supervision of financial activities began operations on January 1.

The three new EU watchdogs will supervise banks, markets and insurances and pensions respectively. The start of operations came a few days after the launch of the European Systemic Risk Board.

The board will monitor the entire financial sector, to identify potential problems which could contribute to a crisis in the future. It will work in close cooperation with the new European Supervisory Authorities.

The three new authorities were established following the crisis suffered last year which highlighted the limits and failings of the supervision system in Europe. The financial crisis showed that the coordination between national authorities was not optimal when transnational financial institutions faced problems.

The supervision bodies are the new apparatus of surveillance and supervision that will detect problems early and act in time in a coordinated and efficient way. This launch is considered by the EU as a turning point for the European financial sector.

These new authorities will work along others similar bodies around the world to ensure better global supervision. This effort is also intended to enhance consumer protection and to ensure that citizens would be not again the first in line affected by a crisis.

Estonia successfully adopts Euro

BRUSSELS -- The European Commission on Monday informed that Estonia successfully adopted the Euro starting last Saturday as the changeover process is undergoing according to plan.

On January 1, Estonia began a process to replace their previous currency the kroon for the Euro, thus becoming the 17th member of the Euro zone using the Euro as its currency. The adoption process consists in a two-week gradual transition.

By the end of Sunday, about 26 percent of payments in shops and businesses were made in Euros only and more than 90 percent of customers got their change in Euro currency. No major issues were reported in banks or in the retail sector.

Half of Estonian citizens already had Euros two days before the changeover and more than 60 percent had Euro coins from an exchange in a bank or post office, according to recent survey. All ATMs were distributing Euro bank notes as from the first hour of Saturday.

In the same way, POS (point-of-sales) terminals for card payments in shops and businesses were successfully converted to Euro in time for the opening of shops on January 1. The commercial activity was lower than normal due to New Year holidays.

During the first day, most Estonian paid using kroons in order to get euros in change and avoiding having to go to banks to exchange currency. However, at the end of the second day, 26 percent of people paid using euros and 92 percent of businesses were returning euros.

Ahead of the adoption, banks have supplied Euro cash to shops and businesses under contract so they can handle payments and return change in Euro starting on Saturday. With the addition of Estonia to the Euro area, over 330 million people will share the same currency.

"The Euro is a common good, not only for those who already use it on a daily basis, but also for those who, will want to adopt it at some point in the future as well as those who have no such intention. The Euro is both a world currency and one of the pillars of the European Union," said European Parliament President Jerzy Buzek last week.