The Bank of Estonia (Eesti Pank) states that Estonia's objective is to enter the eurozone as soon as possible after joining the EU in 2004. However, since each country has to be a memberr of ERM II for at least 2 years, the earliest possible time for achieving full membership of the EMU and introducing the euro is the second half of 2006. (Already) having the Estonian kroon pegged to the euro, and enjoying close trading and investment relations with the EU, Estonia is close to being a member of the euro area.

The Bank of Estonia also notes that increasingly more decisions affecting the development of the European economy are made in discussions between the full members of the EMU. The adoption of the euro is therefore a logical continuation of Estonia's current monetary policy.

Vaur Kraft, Governor of the Bank of Estonia, has stated that requests addressed to his information service show a surprisingly encouraging interest in Estonia's past and future coinage. Many are eager to know how the new euro coinage would look. In response to this situation, the International Numismatic Agency has produced a collection of proposed pattern or prototype euro coins for Estonia with familiar coin and banknote images

The 2 and1 euro patterns feature the barn swallow, a popular bird which has appeared no many 20th century Estonian coins. Symbolically, there are two swallows on the 2 euro and one swallow on the 1 euro coin. the portrait of Karl Ernst von Baer (1792-1876) the celebrated Estonian anthropologist, naturalist and geographer is to be found on the 50 cent, 20 cent and 10 cent coins. The copper 5, 2 and 1 cent patterns feature 3 stylised lions, to denote where the national symbol should be positioned.