OREANDA-NEWS. On March 31, 2009 the Supervisory Board of Eesti Pank was given an overview of meeting the Maastricht criteria necessary for the adoption of the euro, reported the press-centre of Eesti Pank.

A summary was made of the preparations for the euro changeover made in Estonia and at Eesti Pank. The Supervisory Board stressed that now and in future it is essential to emphasise the importance of meeting the Maastricht budget criterion and that fiscal deficit must definitely remain below 3% of GDP.

In addition, the Supervisory Board received an overview of the legal framework of the European System of Central Banks (ESCB). All the central banks of EU Member States, including Eesti Pank, belong to the ESCB.

The Supervisory Board also heard and supported the saving plan introduced by the Executive Board of Eesti Pank. The plan includes a 10% cut in this year's budget expenditure. The remuneration of Executive Board members is also decreased by 10%.

The Executive Board also presented the Supervisory Board an overview of the 2008 management report.

The Supervisory Board approved the decision to announce an open competition to find an independent external auditor to audit the central bank's 2009 Annual Accounts.

The next meeting of the Supervisory Board of Eesti Pank will be held on 28 April 2009.