Estonian kroon 1500 rubles to 150 krooni.) Initially, the Estonian kroon was pegged to the Deutsche Mark at a rate of 8 krooni = 1 Deutsche Mark. After the introduction of the euro the fixed exchange rate of 1.95583 DEM to EUR led to an exchange rate of 15.64664 krooni to the euro. On 28 June 2004, as Estonia joined the ERM II-system, the central parity of the Estonian kroon was revalued (by less than 0.001%) to 15.6466 krooni per euro. On 1 January 2011 the euro replaced the kroon as the official currency of Estonia. The kroon circulated alongside the euro
European Monetary Institute European Monetary Institute The European Monetary Institute (EMI) was the forerunner of the European Central Bank (ECB), operating between 1994 and 1997. The EMI was created 1 January 1994 to oversee the second stage in the creation of monetary union. The EMI itself took over from the earlier European Monetary Cooperation Fund (EMCF). The EMI met for the first time on 12 January under its first President, Alexandre Lamfalussy. On 1 July 1997 Lamfalussy was replaced by Wim Duisenberg who would then go on to serve as the ECB's President. The institute was dissolved on 1 June 1998 with the