The main purpose of this paper is to trace the Estonian way to the European Monetary Union. This process could be divided into some stages as the economic transformation of Estonia, the financial crisis and the final adopting the euro as the official currency in this country. Estonia had fulfilled the Maastricht criteria and as a result entered the Monetary Union in 2011, which is still perceived positively. As a county Estonia is the least indebted in the whole European Union, which correlates with its dynamic economic growth.