Estonia wishes to join the European Monetary Union (EMU) and adopt the euro currency as soon as possible

Estonia wishes to join the European Monetary Union (EMU) and adopt the euro currency as soon as possible, Bank of Estonia President Vahur Kraft said, adding that there were certain risks which may put off achieving that goal. Kraft said Estonia has a timetable which suggests adopting the euro in 2006 and that if EU accession is endorsed by voters in the referendum this September, the central bank will start the relevant preparations together with the government. There remains the potential risk that despite the promises so far to consider each new EU member's readiness for the common currency separately, the entrants would be handled in groups or blocs based on political decisions, Kraft said. "The second danger is that in order to become a member of EMU we must meet the Maastricht criteria, and the question is whether we are able to meet them," he said. The government's overall fiscal policy, by which Estonia has positively stood out among other central and eastern European countries so far, is very important in meeting the Maastricht criteria, Kraft said. annual income tax revenues to decline by 1.35-3.97 billion kroons (EUR 86.26-253.67 mln) in the 2004-2007 period.