The currency of Estonia is the euro, abbreviated as EUR. Estonia adopted the euro on January 1, 2011, replacing its previous currency, the Estonian kroon (EEK). The transition to the euro was part of Estonia's efforts to integrate more closely with the European Union, where it is a member state. The euro is widely accepted across Europe, making travel and trade more convenient for Estonians. The European Central Bank oversees the eurozone monetary policy, and Estonian banks provide euro-denominated services and transactions to residents and visitors.