COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS The introduction of the euro in Estonia
Date: 2011-03-22
Institutions: European Commission
Subjects: EU financial instrument, Economic and Monetary Union, Estonia, European Monetary System, euro, exchange rate, national currency

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EUROPEAN COMMISSION 

Brussels, 22.3.2011 
COM(2011) 140 final 

COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN 
PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE 
EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE 
OF THE REGIONS 

The introduction of the euro in Estonia 

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COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN 
PARLIAMENT, THE COUNCIL, THE EUROPEAN CENTRAL BANK, THE 
EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE 
OF THE REGIONS 

The introduction of the euro in Estonia 

1. 

INTRODUCTION 

The Council  decided on 13 July 2010 that Estonia fulfilled the necessary conditions for the 
adoption of the euro1 and that its derogation from participating in the single currency was to 
be abrogated with effect from 1 January 2011. 

Like all Member States that have adopted the euro after the first changeover wave in 1999–
2002, Estonia introduced the euro using a so-called big-bang approach, whereby the adoption 
of the euro and the cash changeover takes place at the same time. A two-week dual circulation 
period, during which both euro and kroon cash had legal tender status, allowed for the gradual 
phasing  out  of  banknotes  and  coins  in  the  previous  national  currency.  The  successful 
changeover again confirmed that a short dual circulation period is sufficient if the changeover 
is well prepared2. A large majority of Estonians (87 %) perceived the changeover as smooth 
and efficient3.  

This  Communication  covers  the  most  important  aspects  of  the  changeover  process,  in 
particular  the  preparations  for  the  cash  changeover,  the  dual  circulation  period,  measures 
taken  to  prevent  abusive  price  practices  and  erroneous  price  perceptions,  price  trends  and 
price  perceptions  and  communication  on  the  euro.  Where  relevant,  conclusions  are  drawn 
which may be of value for future changeovers. 

2. 

THE CHANGEOVER 

2.1. 

Preparations for the cash changeover 

The cash changeover constitutes probably the most visible element of the currency switchover 
since  virtually  all  financial  institutions,  businesses  and  citizens  are  involved.  The  efficient 
running of this operation depends on a proper supply of euro cash to all parties involved and 
on banks and businesses being well prepared for a large extra workload. 

To  replace  the  Estonian  kroon  cash  in  circulation  and  provide  for  the  necessary  logistical 
stocks,  the  Estonian  Central  Bank  (Eesti  Pank)  borrowed  some  45  million  euro  banknotes 

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Council Decision (2010/416/EU) of 13 July 2010 in accordance  with Article 140(2) of the Treaty on the 
adoption by Estonia of the euro on 1 January 2011, OJ L 196, 28.7.2010, p. 24.  
Slovakia and Slovenia also had a two-week dual circulation period, whereas in Malta and Cyprus it was 
one month. The first-wave Member States adopted the euro according to the 'Madrid Scenario', which 
involved a transitional period of three years (one year for Greece). 
Flash  Eurobarometer  309, 
in 
carried  out 
http://ec.europa.eu/public_opinion/archives/flash_arch_en.htm  

January  2011, 

field  work 

available 

at: 

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from  the  Eurosystem  and  ordered  some  194  million  pieces  of  coins  (with  the  Estonian 
national side) from the Mint of Finland following a public tender. 

Eesti  Pank  started  the  frontloading  (i.e.  the  supply  of  euro  cash  to  credit  institutions  in 
advance  of  the  changeover)  of  euro  coins  in  mid-September  and  of  euro  banknotes  in  mid-
November.  All  frontloading  transports,  including  coin  transports  and  the  supply  of  ATMs, 
were escorted by police, which ensured a high level of security. A total value of € 187 million 
in  banknotes  (10.5  million  pieces)  and  of  €  28 million  in  coins  (85  million  pieces)  was 
supplied to the 10 commercial banks that had signed front-loading contracts with Eesti Pank, 
corresponding to around 23 % of the volume of banknotes borrowed from the Eurosystem and 
to 44 % of the coins ordered. The total value of euro banknotes frontloaded until the end of 
the year amounted to 34 % of the total value of kroon banknotes in circulation at the end of 
October  2010,  whereas  the  total  value  of  frontloaded  coins  amounted  to  almost  3  times  the 
value of kroon coins in circulation. The high share of frontloaded coins reflects the change in 
the  banknote/coin  boundary  following  the  introduction  of  the  euro  (kroon  coins  were  not 
much used compared to euro coins). 

The  sub-frontloading  (i.e.  the  supply  of  euro  cash  by  credit  institutions  to  businesses  and 
citizens  in  advance  of  the  changeover)  of  euro  coins  started  on  15  September  and  of  euro 
banknotes on 1 December. Some 5 300 companies signed a sub-frontloading contract with a 
bank  and  were  supplied  with  some  9 %  of  the  value  (18  %  of  the  volume)  of  frontloaded 
banknotes and 52 % of the value (51 % of the volume) of frontloaded coins. In total, 14.4 % 
of the value of frontloaded cash was distributed to businesses before €-day, which is a high 
figure  compared  with  most  of  the  post-2002  changeovers.  In  Slovenia,  the  sub-frontloading 
represented only 2.4 % of the value of frontloaded cash while in both Cyprus and Malta it was 
only  around  1 %.  By  contrast,  in  Slovakia  a  total  of  27.8 %  of  front-loaded  cash  was  sub-
frontloaded. 

The sub-frontloading also included 86 000 retailer kits4 with euro coins that were prepared 
by  the  main  CIT-company  and  distributed  to  professional  clients,  either  directly  or  via  the 
banks. Compared to the post-2002 changeovers it is the highest number sold so far in absolute 
numbers and the second highest relative to population. The provision of a sufficient number 
of retailer kits is important in order to help retailers provide change in euro only during the 
changeover. 

The  comparatively  high  level  of  sub-frontloading  was  attained  in  spite  of  the  fact  that 
Estonian banks did not use the new simplified ECB rules for sub-frontloading adopted in June 
20085. According to the Eesti Pank and the commercial banks, this was due to several factors: 
a)  For  reasons  related  to  Estonian  law,  the  banks  did  not  consider  money  blocked  on  the 
customer's  account  to  be  a  sufficiently  safe  collateral  (in  case  of  insolvency);  b)  Banks 
considered it easier to use the same rules for all companies, independently of size, since it was 
possible  to  sub-frontload  also  small  companies  under  the  standard  rules  and  it  was  also 
considered more flexible since the simplified procedure can only be used during the last five 
calendar  days  before  the  changeover;  c)  Finally,  it  was  considered  easier  in  terms  of 
information and communication to have only one type of agreement. 

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There were two types, one with a value of 111 € (8 coin rolls) and one of 198 € (15 coin rolls). 
ECB  Guideline  (ECB/2008/4)  of  19  June  2008  amending  Guideline  ECB/2006/9  on  certain 
preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes 
and coins outside the euro area. 

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Commercial  banks  furthermore  provided  for  exchange  of  kroons  to  euro  for  private 
individuals at the conversion rate and without any service fee, nor any limit6 on the amount to 
exchange, at all branches offering cash services as from 1 December 2010. This service will 
be continued until the end of June 2011 and thereafter within a more limited branch network 
until the end of December 2011. 

The Estonian authorities initially ordered 600 000 mini-kits with euro coins (42 coins with a 
nominal value of 12.79 euro)7, i.e. more or less one per household, that were on sale in banks 
and  post  offices  as  from  1 December.  Mini-kits  are  important  for  several  reasons:  a)  They 
help citizens get acquainted with their new currency; b) they are an important communication 
tool,  and:  c)  they  reduce  the  need  for  retailers  to  give  change  in  the  first  days  after  the 
changeover. The mini-kits proved to be a big success and 247 000 kits were sold in just the 
first three days. An additional 100 000 kits were subsequently ordered, but with hindsight this 
seems  not  to  have  been  needed  since  by  31  December  510  000  kits  had  been  sold,  i.e.  less 
than the number originally ordered. This confirms the standard recommendation that, as a rule 
of thumb, approximately one mini-kit per household should be ordered to satisfy demand.  

According  to  a  Commission  survey  carried  out  two  days  before  the  changeover8,  a  large 
proportion  of  Estonians  already  possessed  euro  cash  before  the  changeover:  50  %  had  euro 
banknotes (62 % from a trip abroad, 35% from an exchange in a bank in Estonia) and 62 % 
had € coins (63% from a trip ab road and 38 % from a mini-kit). 

The  frontloading  of  banks  and  sub-frontloading  of  businesses  and  citizens  in  Estonia 
was well prepared and organised. 

Retailers in Estonia were well supplied with euro cash in advance of the changeover day. 
This  included  the  delivery  of  a  large  number  of  retailer-kits  with  euro  coins  to 
professional clients, which is a good practice in order to help retailers to provide change 
in euro only during the cash changeover. 

Citizens were also well supplied with euro cash in advance of the changeover. The free-
of-charge exchange in commercial banks in advance of the changeover was an important 
initiative  in  this  regard  and  a  good  practice.  A  sufficiently  large  number  of  euro  coin 
mini-kits were furthermore produced and distributed via banks and post offices, which 
is important in order for citizens to get acquainted with their new currency in advance 
of  the  changeover,  as  a  communication  tool  on  the  changeover  and  to  reduce  the  need 
for retailers to give change in the first days after the changeover. 

2.2. 

The dual circulation period 

Estonia opted for a dual circulation period of two weeks (1–14 January). 

The conversion of the 867 ATMs (cash dispensers) in the country went smoothly and virtually 
all  of  them  were  distributing  euro  banknotes  as  from  the  first  hour  of  1 January.  They 
distributed  mainly  lower  denomination  banknotes  (5€,  10€  and  20€  banknotes),  apart  from 
ATMs with a high past turnover record where 50€ banknotes were  also used. The generalised 

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For practical reasons, advance notice could be needed for large amounts of cash to be exchanged.  
The mini-kits were sold at a slight discount: 200 kroons instead of 200.12 kroons. 
Flash Eurobarometer 308, 30 December 2010, available at: 
http://ec.europa.eu/public_opinion/archives/flash_arch_en.htm  

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use of lower denomination banknotes in ATMs was important in order to avoid that retailers 
run  out  of  change.  POS  (point-of-sales)  terminals  for  card  payments  in  shops  were 
successfully converted to euro in time for the opening of shops on 1 January and so were IT-
systems  in  general.  Interbank  payments  in  euro  were  running  smoothly  as  from  the  first 
banking day of the year. 

Most  bank  branches  were  open  for  cash  services  on  Saturday  1  and  Sunday  2  January  and 
post offices were open seven days a week during the dual circulation period. The possibility 
to  exchange  kroon  cash  for  euro  without  fees  at  over  180  post  offices  around  the  country 
between  1  and  15  of  January  was  an  important  measure  that  facilitated  access  to  cash 
exchange for the population, in particular in remote and rural areas. 

Cash transports ran according to plan in close co-operation with the police, which ensured a 
high security. 

The  number  of  customers  coming  to  the  banks  was  moderate  during  the  weekend  of  1–2 
January, but as from Monday 3 January and throughout the dual circulation period the number 
of  over-the-counter  transactions  were  around  3-5  times  higher  than  normal  with  the  highest 
figures recorded for the first two weekdays of the New Year. The number of over-the-counter 
transactions in the post offices likewise peaked in the first two weekdays of 3–4 January. 

Due  to  careful  preparations,  banks  and  post  offices  coped  well  with  the  extra  work  load 
during the dual circulation period, although some queues unavoidably built up during the first 
weekdays of the New Year. According to a Commission survey carried out between 16 and 
20  January9,  95 %  of  those  polled  did  not  experience  any  problem  when  exchanging  kroon 
cash or withdrawing euro cash with banks in the first week of January. This is a very good 
result and compares favourably with most of the recent changeovers10. 

Graph  1  below  shows  the  evolution  of  cash  payments  exclusively  in  euro  during  the  dual 
circulation period in Estonia compared also with Slovakia and Slovenia.  

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Flash Eurobarometer 309, available at: http://ec.europa.eu/public_opinion/archives/flash_arch_en.htm  
The corresponding figure was 90 % in Slovakia, 88 % in Cyprus, 85 % in Malta and 96 % in Slovenia. 

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Graph 1. Cash payments in shops in euro (only)

Estonia

Slovakia

Slovenia

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Days in January

A comparatively large share of the public (20 %) that paid in cash11, paid with euro cash only 
already on 1 January (when big supermarket chains were open). On 5 January, a majority (54 
%)  paid  in  euro  cash  only  and  the  share  of  euro  cash  only  payments  thereafter  progressed 
continuously  until  the  end  of  the  dual  circulation  period.  Apart  from  a  quicker  start,  the 
evolution of euro cash only payments followed more or less the same path as in the previous 
changeover in Slovakia, but was slower than in Slovenia (as well as in Malta and Cyprus in 
spite of their one-month dual circulation period). 

The  retail  sector  also  managed  well  with  the  challenges  of  the  changeover  process  and  the 
handling of two currencies at the same time. Retailers were well supplied with euro cash and 
no major problem with queues was reported. As can be seen from Graph 2 below, already on 
1  January,  in  75 %  of  all  cash  transactions  retailers  gave  change  only  in  euro.  This  quickly 
increased  to  92 %  on  Sunday  2  January  (when  many  big  shops  were  open).  On  Monday  3 
January this share decreased somewhat to 88 %, but quickly picked up on the following day. 
The  reason  for  this  temporary  decrease  is  not  known,  but  could  be  due  to  small  and/or 
remotely located retailers that opened after the week-end and which were less well supplied 
with euro cash. 

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Around ¾ of customers paid with cash and ¼ with cards according to the survey referred to above. 

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Graph 2. Cash transactions with change given in euro only 
(among those who received change)

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Slovakia

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Days in January

The Commission survey carried out just after the end of the dual circulation period shows that 
a very large majority of Estonians (87 %) perceived the changeover as smooth and efficient. 

2.3.  Withdrawal of the legacy currency 

A  significant  proportion  of  the  Estonian  kroon  cash  in  circulation  was  retrieved  from 
circulation before the changeover. By end-December 2010 the value of kroons in circulation 
had  decreased  by  around  40 %  compared  to  December  2009  (from  9.7  billion  to  5.8  billion 
EEK).  A  further  4.1  billion  kroons  was  withdrawn  in  January  2011,  bringing  the  value  of 
outstanding  legacy  currency  to  1.7 billion  EEK  (around  340  million  pieces  of  coins  and  35 
million pieces of banknotes) or 18 % of the value in circulation in December 2009. Legacy 
banknotes are destroyed (shredded) and legacy coins demonetised and sold as scrap metal. 

The changeover in Estonia was well prepared and smoothly implemented. 

ATMs and POS-terminals were converted in time and banks and post offices coped well 
with the extra workload during the dual circulation period. Retailers managed well with 
the challenges of the changeover process and the handling of two currencies at the same 
time. They were well supplied with euro cash and a large majority gave change in euro 
only already as from the first changeover day. 

The  importance  of  retailers  giving  change  in  euro  only  in  order  to  get  the  legacy 
currency  out  of  circulation  as  quickly  as  possible  should  be  recalled  for  future 
changeovers. 

The  Estonian  changeover  confirms  the  experience  from  the  previous  post-2002 
changeovers that a two-week dual circulation period is sufficient, if well prepared. 

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3. 

PREVENTING ABUSIVE PRICE PRACTICES AND ERRONEOUS PRICE PERCEPTIONS 

The  Estonian  Consumer  Protection  Board  (CPB)  monitored  the  correct  application  of  dual 
price displays, rounding rules and the Fair Pricing Agreement.  

The compulsory dual display of prices in Estonian kroons and euro started on 1 July 2010 
and will last until 30 June 2011. During the six months of 2010, the 25 inspectors of the CPB 
controlled around 4 250 businesses and imposed a fine in 288 cases (of a total value of close 
to  €12 000).  The  most  frequent  shortcoming  detected  was  a  mathematically  incorrect 
rounding, although this most often concerned only one euro cent. The second most frequent 
shortcoming  was  the  partial  absence  of  a  price  in  euro,  followed  by  the  use  of  an  incorrect 
exchange  rate  and  a  fully  absent  price  in  euro.  The  results  of  the  controls  improved 
progressively from a share of 47 % of controlled enterprises that showed some shortcomings 
in July to 11 % in December.  

The CPB furthermore concluded contracts with NGOs (notably pensioners) and with the local 
government in Tallinn to monitor the implementation of the dual price displays. The NGOs 
controlled  altogether  980  businesses  and  identified  shortcomings  in  283  cases  in  September 
and December 2010. 

The  names  of  enterprises  that  do  not  correctly  implement  the  dual  display  of  prices  are 
published weekly at the website of the CPB. 

Estonians  generally  considered  the  dual  price  displays  to  be  a  useful  tool  to  facilitate  price 
comparisons and to get used to thinking in their new currency. According to a Commission 
survey carried out in January12 almost 9 in 10 (88 %) considered the dual price displays to be 
very  or  rather  useful.  Over  80  %  furthermore  considered  that  they  were  always  (34  %)  or 
mostly  (49  %)  implemented  correctly,  which  is  in  line  with  the  results  from  the  recent 
changeovers. 

When  asked  about  price  conversions,  59  %  of  Estonians  had  the  impression  that  the  price 
conversion to the euro was sometimes (38 %), often (13 %) or very often (8 %) not fair. This 
result  is  somewhere  in  between  the  results  of  the  previous  changeovers,  with  more  critical 
Slovenes and Cypriots and less critical Maltese (while Slovaks tended to be more divided than 
Estonians - either more critical or more positive). 

The  CPB  also  monitors  the  implementation  of  the  Fair  Pricing  Agreement  which  was 
launched  on  28  August  and  is  lead  by  the  Estonian Chamber of Commerce and  Industry. It 
follows the lines of the voluntary initiatives employed successfully in previous changeovers. 
The  subscribers  to  the  Agreement  (e.g.  retailers,  financial  institutions,  local  governments, 
internet  shops  etc)  commit  not  to  increase  their  prices  without  justification  during  the 
changeover  to  the  euro  and  to  respect  the  changeover  rules.  Those  that  have  joined  the 
Agreement have the right to use a sticker with a dedicated logo. 

By the end of December, 526 entities including 16 local governments had joined the contract 
and the logo was used in more than 2 800 sales or activity points of the subscribers as well as 
in  their  advertising.  According  to  the  Estonian  Chamber  of  Commerce  it  is  the  largest 
voluntary  agreement  in  Estonia  so  far  in  terms  of  legal  entities  subscribed.  The  fair  pricing 
agreement is a very important initiative in order to prevent potential price abuses and dispel 

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Flash Eurobarometer 309. 

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erroneous  price  perceptions.  Compared  to  the  number  of  registered  sales  points  in  Estonia 
(approx. 28 000) and to the experience of the recent changeovers there seems however to have 
been scope to further expand the coverage of the scheme13. 

By the end of January, the CPB had received 10 complaints about possible infringements by 
companies that were actually subscribers to the Agreement. In 4 cases no infringements were 
found, whereas 6 cases are currently ongoing. 

Estonia has implemented dual price displays and a Fair Pricing Agreement in line with 
the  recommendations  of  the  Commission14.  The  authorities  should  continue  to  make 
sure that all complaints from citizens are duly investigated and continue to monitor the 
correct implementation of the Fair Pricing Agreement as long as it is in force. 

4. 

PRICE TRENDS AND PRICE PERCEPTIONS 

4.1. 

Price trends 

The euro changeover was preceded by a period of rising inflation in Estonia. Notably, energy 
and  food  prices  increased  strongly  in  2010  and  differences  to  neighbouring  countries  or  the 
euro  area  aggregate  can  only  partly  be  explained  by  tax  changes  and  the  strong  economic 
recovery.  

Turning to price developments after the euro changeover, preliminary indications suggest that 
the  changeover  had  a  rather  moderate  impact  on  consumer  prices  in  January.  According  to 
Statistics  Estonia,  the  domestic  consumer  price  index  remained  unchanged  in  January  from 
December 2010. The prices of electricity, heat energy, fuels and of clothing and footwear had 
the most important moderating effect, due partly to seasonal factors. However, according to 
the  Bank  of  Estonia,  the  price  of  leisure  and  sports  activities,  eating  out  and  household 
services  grew  notably  more  than  in  January  in  earlier  years.  Further  analysis  of  the 
changeover  related  price  developments  will  become  possible  after  the  release  of  HICP  data 
for the first months of 2011.  

4.2. 

Price perceptions 

According to a recent Commission survey (January 2011)15, the majority of Estonians (55 %) 
thought that the euro would increase inflation in their country (compared to 66% of Cypriots, 
52 %  of  Slovenes,  37 %  of  Maltese  and  19 %  of  Slovaks  just  after  their  respective 
changeovers)  while  only  21 %  believed  that  joining  the  euro  area  would  help  Estonia  to 
maintain price stability. 

The euro changeover took place at a time when perceived inflation was rising steadily from its 
historical  lows  reached  in  2009.  Inflation  perceptions  usually  move  closely  together  with 
HICP inflation in Estonia, but perceptions appear to have risen faster than actual inflation in 
the  second  half  of  2010  (see  graph  below).  January  data  from  the  Joint  Consumer  Survey 

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Some 7 600 businesses were covered by the corresponding scheme in Cyprus, some 7 900 in Malta and 
some 20 000 sales points were covered in Slovakia. 
Commission  Recommendation  on  measures  to  facilitate  future  changeovers  to  the  euro,  OJ  L  23,  26 
January  2008,  p.  30.  Mandatory  price  displays  should  however  start  only  as  from  the  setting  of  the 
irrevocable conversion rate by the Council and not before. 
Flash Eurobarometer survey 309.  

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show that perceived inflation remained on an upward trend and in seasonally adjusted terms it 
reached  63.6  pp  in  January,  up  from  59.6  pp  in  December  (the  non-seasonally-adjusted 
measure decreased from 61.1 to 59.6). In the context of rising HICP inflation, it is difficult to 
identify the specific impact of the euro changeover on inflation perceptions. 

Perceived and actual inflation in Estonia (% )

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HICP inflation, y-o-y change (lhs)

Perceived inflation (non seasonally adjusted), percentage balance (rhs)

5. 

COMMUNICATION ON THE EURO 

The  final  version  of  the  'Communication  Strategy  for  adoption  of  the  euro  in  Estonia', 
endorsed by the National Changeover Committee on 15 March 2010, laid down the guidelines 
for the euro introduction information campaign. Quantitatively it aimed at ensuring that 90 % 
of all residents were well informed about all practical aspects of the changeover to the euro 
and that 65 % supported its introduction.  

The  Estonian  authorities  scheduled  the  start  of  the  vast  majority  of  the  large-scale 
communication actions after the formal ECOFIN decision on 13th July 2010. Exceptions were 
a  euro  website  and  a  certain  number  of  presentations  and  press  contacts.  The  activities 
gathered  speed  after  the  summer,  when  the  Estonian  authorities  swiftly  implemented  the 
communication  plans,  involving  a  balanced  mix  of  direct  contacts  with  the  residents  (for 
example  direct  mailings,  seminars,  exhibitions)  and  mass  media  tools  (print,  radio  and 
television  spots)  and  emphasising  the  practical  aspects  of  the  changeover  at  hand.  The 
Estonian  authorities  followed  the  Commission's  advice  to  pay  extra  attention  to  vulnerable 
groups,  minorities  and  enterprises.  The  numerical  target  for  the  level  of  changeover-related 
information was reached well in advance of the actual changeover date. The numerical target 
for the support of the euro changeover in Estonia was reached in January 2011. The Estonian 
authorities  have  closely  cooperated  with  the  EU  institutions.  The  Estonian  authorities  had 
signed  a  Partnership  Agreement  with  the  European  Commission  in  2005,  in  order  to 
strengthen  and  streamline  the  cooperation.  It  was  prolonged  several  times  and  will  finally 
expire at the end of 2011. 

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The Commission has contributed with its expertise in the field since the initial intentions to 
introduce the euro. Via a grant agreement, signed between the Commission and the Ministry 
of Finance of Estonia on 13 July 2010, the European Commission supported up to 50 % of the 
eligible costs of salaries of communication experts, mass media campaigns, national surveys 
on  public  opinion,  seminars  and  trainings  and  household  mailings.  The  Commission  also 
financed a euro travelling exhibition in four major Estonian cities (Tallinn, Narva, Tartu and 
Rakvere). The exhibition attracted over 65 000 visitors in the four locations. The Commission 
has also organised seminars for journalists and printed publications.  

The  European  Central  Bank  supported the  national  information  campaign  by  delivering 
publications,  organising  exhibitions  and  other  public  relation  events  and  by  providing 
significant help for the mass media campaign.  

The  information  campaign  in  Estonia  contributed  to  ensuring  a  smooth  changeover  to 
the euro. Despite a somewhat belated start, the campaign addressed all major practical 
aspects  of  the  euro  introduction  in  a  timely  way.  Special  attention  was  given  to 
enterprises, minorities and vulnerable groups. The Estonian authorities should consider 
continuing  to  monitor  the  perceptions  on  euro-related  aspects  and  react  with 
information activities if necessary.  

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