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 System makers at least since the Second World War. Two primary factors account for this: The European Monetary System was no longer a functional arrangement in May 1998 as the member countries fixed their mutual exchange rates when participating in the euro. Its successor however, the ERM-II, was launched on 1 January 1999. In ERM-II the ECU basket was discarded and the new single currency euro has become an anchor for the other currencies participating in the ERM-II. Participation in the ERM-II is voluntary and the fluctuation bands remain the same as in the original ERM, i.e. +15 percent, once again