The President of the European Central Bank, Jean-Claude Trichet, said on Thursday that the ECB was so far satisfied with Estonia's preparations for changeover to the euro on January 1, ERR News reports.

"A lot of work remains to be done in the last months... but at the moment I am speaking, I think the preparation seems to be very much on track,” he said.

Trichet made his comments at a press conference at ECB headquarters immediately following the monthly meeting of the bank's Governing Council.

A report issued by the European Commission in July had raised a number of concerns regarding the country's progress on changeover preparation. Among them is the lack of a firm requirement for retailers to give change only in euros during the two-week transition period and measures related to preventing enterprises from introducing unjustified price hikes.