European Union newcomers Estonia, Lithuania, and Slovenia last night became the first of the bloc's 10 new member states to join the Exchange Rate Mechanism that will help them prepare for euro entry.
The three states join a grid known as ERM-2, whose only member has been Denmark since Greece adopted the single currency in 2001 after spending about three years in the regime.
European Commissioner Mr Siim Kallas hailed the news but also stressed that ERM-2 entry was only one of the steps towards euro entry and that more work lay ahead.
"My reaction is positive but this is just part of a bigger process. The countries have made some commitments during the negotiations and it makes discipline in monetary and fiscal affairs stronger," Estonia's Mr Kallas said.
"There will be tough monitoring of the situation and the realism of the convergence programmes" which are the medium-term budget plans submitted to the European Commission and EU finance ministers for their assesment.
This echoed the advice issued after the highly secretive meeting that was attended by finance officials from the dozen euro zone countries, the European Central Bank, Denmark, and the three countries that had applied for ERM-2 entry.
All three ERM-2 entrants were urged to pursue sound fiscal policies, with Slovenia also advised to take steps to lower inflation in a sustainable way.