BRUSSELS, Nov. 9 (UPI) -- The European Commission released a report on Wednesday indicating what new member states will need to do before joining the eurozone.
All 10 new members -- Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia -- are treaty-bound to join the eurozone, but are under no time constraints.
"One should not underestimate the importance of the proper preparations if the operation to introduce the single currency is to be a smooth one and to ensure that the people in those countries are sufficiently prepared," said a commission spokesman on Monday.
Estonia and Lithuania have already begun preparations for minting their first coins. The Lithuanian Central Bank has already picked five designs for their coin. Diplomats have estimated that the new coins will be ready in 18 months, but have not said how much it will cost.
The Estonian Central Bank will vote on the top 10 designs submitted by the public on Wednesday. The public will later vote on these designs on a "Eurovision-style" television show. The winner of the design stands to win almost $5,700 (70,000 Estonian kroons, or 4,400 euros).
