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Estonian timber industry 'witnessed a smooth changeover to the euro'


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A report by the European Commission has revealed that timber firms and other businesses in Estonia have seen a "smooth" transition in the changing of currency.

On January 1st 2011, Estonia became the latest nation to adopt the euro and fears over fluctuating prices throughout the Baltic country appear to have been unfounded.

The Commission released details of its findings yesterday (March 22nd 2011) and suggested the changeover was well received by businesses and general members of the public.

Key to the transition was the existence of the Fair Pricing Agreement, which prevented the spiralling cost of goods and materials that had been seen in other countries on adopting the euro.

European commissioner for economic and monetary affairs Olli Rehn observed: "The examination of all available information shows that this was a very well prepared and implemented changeover."

According to recent figures released by Eurostat, industrial output within the eurozone was up by 6.6 per cent in the year leading up to January 2011, compared to the previous annual figures.

This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists

Click here to find out more about Timber Investment with us or call us on 00441668 213693ADNFCR-731-ID-800473672-ADNFCR

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