Estonia is likely to be the next country to join the Eurozone. Olli Rehn suggested at a hearing in the European Parliament that in the first half of 2010 the Baltic country’s readiness to adopt the euro will be assessed. Estonia is to join the single currency in the beginning of 2011. (The New York Times, 12.01)
Estonia is becoming a kind of a European wonder child which, in the midst of the grimmest recession, is about to minimise its public sector budget deficit to under 3% of GDP. Estonia wants to rest in the bosom of the Eurozone at all costs, and so, a country that was poor to start with is reducing its costs, lowering salaries and selling its limited assets. This speaks of rigorous self discipline and willingness to sacrifice. Estonia has taken the road of internal devaluation. When industrial production has shrunk by 30% and the country’s income is dropping by a similar amount, the hopes for competitiveness and frugality lie in a merciless reduction of salaries. This has made Estonia an increasingly attractive site for production. (Helsingin Sanomat, 06.02)
Maltese Foreign Minister Tonio Borg has had talks with his Estonian counterpart, Urmas Paet, exploring new ways of how to enhance trade and increase business opportunities between the two countries. “Maltese and Estonian businessmen could possibly avail themselves of the respective regional expertise to assist each other in undertaking projects in the North African and Northern European regions respectively. There is huge potential for such initiatives which would ultimately be beneficial for both countries,” Tonio Borg said. He also referred to Estonia’s interest in adopting the euro next year, which would facilitate investments between the two countries, speed up trade, and facilitate the hassle for people with regard to currency exchange. Urmas Paet thanked the Maltese government for supporting their intention to join the euro and said that Malta’s expertise in adopting the euro can be of great help to their country. (The Malta Independent, 18.03)
From 17–19 March Anne Cheyvialle, a journalist, visited Estonia. She brings to the forefront the efforts that Estonia has made so as to comply with the euro criteria. As a result of its harsh economic policy in recent years, the country has managed to meet the euro criteria and, if everything proceeds according to plan, Estonia should join the Eurozone at the beginning of 2011. Estonia is also increasing its credibility through its upcoming accession to the OECD. As little as a year ago, only a few experts believed that Estonia had the capacity to comply with the accession criteria so quickly. After the super-rapid economic growth that had raced on for a number of years, and a real estate boom that it brought along with it, the country lapsed into a deep crisis where salaries and consumption both dropped, while unemployment increased sharply. A crisis plan was prepared and costs were cut. All of this took place without any major protests or wide-scale strikes. Some 55% of the Estonian population believe that the country switching to the euro is a good thing. The government is also adopting an extremely positive attitude, hoping that the euro will lead to increased foreign investment. (Le Figaro, 28.03)
Outstanding confidence is not officially one of the Maastricht criteria, but Estonia is convinced that a self-assured performance can do no harm. Estonians have become afraid that due to the crisis in Greece their euro dream might wither and die. The German Chancellor Angela Merkel attempted to dispel those fears at the European Council by giving assurances that issues with a current member of the Eurozone will not lead to additional criteria for new candidates: Estonia will receive the same fair treatment as other candidates. The time schedule is clear cut: at the end of last week, Brussels received the required data from Tallinn, in two months the EC and the European Central Bank will submit their recommendations and in June the 16 member states of the Eurozone will make their decision. Experts at the think tank of Deutsche Bank Research extended a warning that Estonia deserves a fair evaluation. Analysts claim that the question is not whether or not Estonia will join the euro but rather when it will take place. The best description of Estonia’s position comes from Vice President of the Bank of Estonia Märten Ross: “Adopting the euro would be the cherry on top of the cake, but not the cake itself.” (Süddeutsche Zeitung, 29.03)
The European Commission is set to give Estonia’s Eurozone accession a green light in mid-May. Last March, the European Commission expressed a generally positive comment on the Estonian economic programme for the coming years. A positive effect of the economic crisis was that it finally brought Estonian inflation in line with the Maastricht criteria – in 2009 it dropped to 2% and is expected to remain relatively low in the coming years. (EurActiv, 19.04)
The European Commission endorsed Estonia’s bid to join the Eurozone. Reservations from the European Central Bank and broader concerns about the sustainability of the currency bloc have been aired. Many Eastern European countries are eager to join the currency and impeding Estonia’s accession might make the EU less attractive. Estonia is the real test case for euro accession, showing whether Eurozone enlargement is a credible and open process. (The Wall Street Journal, 12.05)
The European Commission’s report on Estonia being ready for the euro was seen as a sign of great recognition. Estonia believes in the euro and the euro’s positive effect on the economy. Is Estonia blind to problems in the Eurozone because it has put so much effort into the euro? “There is no reason to worry as Germany and France have decided to back Greece,” says Professor Raul Eamets. The loan granted to Greece has not stirred up noticeable concern in Estonia either. “Estonia continues to receive support from the EU. Occasionally we can be on the giving side,” Eamets noted. (Helsingin Sanomat, 13.05)
The euro is not yet in use in Estonia, but the design for national coins has been settled on quite early. Estonia’s desire to join the euro area has not lessened, although the Greece crisis is causing a pinch of anxiety here as well. Jaan Puusaag, a Tallinn businessman, says that, as Nordic people, Estonians love rules, discipline and stability. Statistical data are not falsified here. Why do Estonians still want to join the euro in the light of the current crisis? Vice President of the Bank of Estonia Märten Ross notes that the kroon is already pegged to the euro as it is. As an official member of the monetary union, Estonia would also gain the right to have a say in decisions related to the euro area. (Le Monde, 27.05)
Once a part of the Soviet Union, Estonia is now showing Greece how to exit a crisis successfully: Tallinn has implemented a programme of cost-cutting and now stands ready to adopt the euro. After Estonia regained its independence, the country introduced what was probably the most liberal economic policy in Europe, leading to double digit growth during the boom years, but after a serious economic recession, also an unforeseen cost-cutting programme. In only a year, Estonia succeeded in making its economy ready for the euro. This success, however, comes at the price of 137 000 unemployed; in Estonia, with the population of 1.3 million, this adds up to an unemployment rate of 19.8%. Nonetheless, Estonia has seen no protests. This patience, perhaps, draws from the fact that, despite the crisis the country has never been better off: Estonia is independent, living standards have seen a remarkable increase in recent years and memories of the Soviet time are still fresh in the background. (Der Spiegel, 31.05)
Estonia is encouraging other Eurozone members to follow the example of this small country’s responsible budget policy. At a recent foreign press conference in Tallinn, Prime Minister Andrus Ansip said that, in spite of the painful cuts and tax rises, the Estonian people endorse a responsible budget policy. The global economic crisis had an extensive negative impact on this small country, which is heavily reliant on exports; however, Ansip’s centre-right government adopted harsh measures to trim the public sector’s costs. Despite of the difficulties in the Eurozone, the persevering Estonians remain convinced that switching over to the euro will give the necessary boost to their economy and will help in reducing unemployment. Notwithstanding the painful cuts, Estonians remain enthusiastic about the upcoming adoption of the euro. (Le Monde, 16.06)
Mart Laar, an influential Estonian politician, hopes that Estonia’s application to join the Eurozone will be reviewed in the EU strictly on the basis of facts and figures. SEB estimates Estonia’s chances of becoming a Eurozone member at the beginning of next year at 80%. Mart Laar thinks that postponing the accession will also not mark the end of the world, he would be greatly surprised if Estonia’s economic performance proved insufficient for other EU member states. Chairman of the Board of the Finnish-Estonian Chamber of Commerce Pasi Harttunen is afraid that Estonians are living in a make-believe world where the euro serves as a magic wand for solving all economic problems. “In reality, the euro will bring along tougher competition than ever before and moderate growth,” says Harttunen. “The euro is not a wonder mill,” Laar adds. (Kauppalehti, 10.03)
On Wednesday, the European Commission will announce the results of its assessment of whether Estonia is ready to adopt the euro. The assessment will most likely be positive as Estonia emerged as the star of the Commission’s recent economic forecast and the European Commissioner for Economic and Monetary Affairs, Olli Rehn, noted during the presentation of the forecast that Estonia boasts encouraging indicators. After receiving the Commission’s report, Estonia’s accession to the Eurozone will be further discussed by the European Parliament as well as finance ministers in the EU. (Kauppalehti, 12.05)
Estonia’s bid to join the common currency received support from the European Parliament’s Economic and Monetary Affairs Committee on June 2nd and the ball lands in front of the Eurozone finance ministers.
Its membership of the Eurozone does not strengthen the common currency’s credibility the way that, say an application from Sweden or Denmark would. Nor does it weaken it. But Estonia’s membership shows that the EU and the Eurozone are still rules-based entities, where decisions are made according to their merits and principles, rather than because of crude political fixes.
The question now is how quickly the country recovers from the recession that followed the collapse of the property bubble. Hopefully there will be time to celebrate in euros rather than just use them. (The Economist, 02.06)
Brussels has approved Estonia joining the monetary union. This is good for the Eurozone, as the single currency is struggling and its future is at stake. Estonia proves that the euro is not a dead project.
Estonia’s economic policy has been the total opposite of that of Greece, which is struggling under a major burden of debt. The national debt of the small state is only 7.2 per cent of the GDP and the planned budget deficit for this year is 2.2 per cent of GDP. Both clearly fit within the Maastricht criteria. If the EU were to leave outside the monetary union a country that so faithfully follows these politics – for example if the European Central Bank were to doubt Estonia’s sustainability – this would clearly contradict the principles of that same monetary union. (Financial Times, 14.05)
- Estonia was welcomed to the eurozone in Brussels
Estonia is less than six months away from joining the euro. After years of preparation through painful economic belt-tightening, January 2011 has been set as the date for the arrival of the euro. It has taken a lot of economic hurt to get here. To meet the rules on joining Estonia has had to massively slash state spending, including wages and benefits, and raise taxes. So will it be worth it? Economics aside, Estonians are also very proud of their currency. To many it is a symbol of independence. When we spoke to people in the shops, their reactions were mixed. (Russia Today, 13.07)
As the 17th EU member state and the first former Soviet republic to do so, Estonia is changing over to the euro on 1 January. According to the prime minister the changeover to the euro is beneficial for Estonia, as it will restore the trust of foreign investors in the country after the economic recession and will make Estonia generally attractive. Residents who no longer have to pay for currency exchange will also benefit from the adoption of the single currency. Despite its strict monetary policy, most Estonians support the coming of the euro. Estonia is proud of Skype and its highly-developed national internet solutions. The Prime Minister Andrus Ansip says that Germany is becoming more and more important as a trading partner and he considers Angela Merkel one of the best European leaders. The prime minister believes that the European Union is a new Hanseatic League, where mutual good relations are the basis for everything. (Hamburger Abendblatt, 14.11)
- As the 17th EU member state, Estonia is changing over to the euro on 1st January
Photo: Delfi Pressifoto
Estonia will change over to the euro at the beginning of next year. The government is giving assurances that the change of currency will not raise prices, but the people believe otherwise. By now only half of the population supports the changeover to the euro. The biggest euro supporters are young people, the working population and the business world. Young people and the working population also hope salaries will rise. It is difficult for Estonians with lower salaries to cope with the rise in food prices. Preparations for the changeover to the euro have been underway for a long time, and the public has been informed and given euro calculators. Estonia has recovered surprisingly well from the 2008 economic crisis. (Kaleva, 18.11)
Estonia will be the first former USSR republic to change over to the euro on 1 January. Anti Poolamets, who is against the transition to the euro thinks that the changeover to the euro is not legitimate, as according to the constitution the Bank of Estonia is the only body that has the right to issue Estonian currency. Vladimir Juchkin, director of the Baltic Russian Research Centre is convinced that the changeover to the Euro is going to increase Estonia’s investment attractiveness. Simmu Tiik, Estonia’s ambassador in Moscow hopes that the euro will attract into Estonia the investments that have fallen due to the economic crisis. For Estonia’s average resident it does not really matter whether the legal currency is the kroon or the euro, because most transactions are made with bank cards or on the internet, not in cash. Tiik stresses that the transfer to the euro is also attractive for Russian tourists, who are well aware of the euro exchange rate. (The New Times, 13.12)
Despite a hellish year for the euro, the tiny Estonia will be joining the currency at midnight on New Year’s Eve. Estonia will become the Eurozone’s 17th member and instantly claim the mantle of the poorest as well as one of the smallest. The membership carries symbolic value and Estonia is even vowing to lend a hand, no matter how small, to other members in need. A large part of Estonian society regards the common currency as the culmination of 20 years of western integration. (The Washington Post, 27.12)
Estonia distances itself from Russia by joining the euro. Estonians believe the euro will encourage the economy. Mr Andres Kasekamp from the Estonian Foreign Policy Institute is convinced that the euro will help not only the economy, but also the sense of security. (L’Express, 28.12)
Estonia is taking a bold step, jumping aboard a ship that is lost in a storm. Despite the fact that the euro and the Eurozone’s year can be considered a nightmare and that the crises in Ireland and Greece are intimidating, Estonia has not doubted its long-wished-for desire and objectives, Estonian politicians are encouraging integration with the West in every possible way. Not much will change in Estonia’s economic policy, because the monetary policy of the country has always been strict. Estonia is like the model student of the Eurozone, who despite its own poverty is ready to help those in need. Estonia’s bold step should be welcomed! (Aamulehti, 29.12)
Since 1992 the kroon has symbolised independence. Now the currency is destined to become a museum piece, as Estonia adopts the euro. Most Estonians accept the government’s view that giving up the kroon will strengthen Estonia economically and politically. To many Estonians, the euro means security, a further step away from Russia. Estonia’s economic experience offers some lessons for troubled euro-area countries. How did Estonia avoid strikes and riots? Perhaps austerity is too not hard to bear after the experience of late Soviet-era inflation. (The Economist, 29.12)
Thanks to its austere reforms, Estonia has managed to get a grip on its finances and will join the Eurozone on New Year’s Day. At the same time, Tallinn will become the European Capital of Culture. The Estonian euro coins feature a silhouette map of Estonia, a motif that was chosen in a public poll. Around 40% of Estonians are not happy about joining the single currency. They would rather have continued using the Estonian kroon, which, after they had split from the Soviet Union and regained independence, had a high emotional value for them. Estonia wished to join the Eurozone as early as 2007 but high inflation postponed the effort. 2008. During the 2008 global recession Estonia did not borrow money from the EU nor from the IMF, unlike Latvia, and unlike Poland it did not increase its national debt, but tightened the belt and didn’t try to keep up with the Joneses. Many heads of states have recently asked what the key to Estonia’s success is – it is a mix of the Scandinavian caution, protestant work ethics and sticking to the rules of the Hanseatic League. Adopting the euro is a clear indication of Estonia’s progress towards the West. (Süddeutsche Zeitung, 29.12)
On 1 January the poorest but most virtuous country in the region will join the Eurozone. Before the changeover Jürgen Ligi, Minister of Economic Affairs, and Andrus Ansip, Prime Minister, have constantly had to explain why joining the Eurozone is best for Estonia right now, and not after the recession is over. Only a small majority of Estonians take a positive view of the euro as the Estonian kroon is one of the symbols of the restoration of independence for most Estonians. Three out of four Estonians fear that the changeover to the euro will lead to a rise in prices. National leaders have to explain constantly that the rise in prices is a result of changes in the world market. With its strict cost-cutting policy Estonia is a great model for countries like Greece and Ireland. (Neue Zürcher Zeitung, 31.12)
The Estonian government is advising businesses to join the Fair Price campaign at the beginning of next year. “This will help to prevent prices going up when the euro is introduced,” notes Aare Järvan, financial adviser to the prime minister. When Andrus Ansip, Prime Minister of Estonia, announced 18 months ago that Estonia would join the European Monetary Union, this news was not taken very seriously, because the global economic crisis had just begun. Järvan says that there were many who doubted Estonia’s ability to join the euro, both abroad and in Estonia. Even last year Brussels was still critical of Estonia’s ability to keep its inflation low enough. This year Estonia has received positive reviews. (Helsingin Sanomat, 13.07)
Estonian residents who are over 65 years old have experienced three major economic reforms. During these reforms the people lost their savings, and this nowadays increases the fear that the same fate will strike when Estonia adopts the euro. In the summer of 1992 Estonia changed roubles into kroons and during three days every resident could exchange 1,500 roubles into Estonian kroons. The joy of having their own currency and independence spared people’s disappointment at losing their savings. Most people have more experience of earlier times. In 1961 and 1947 the Soviet Union changed the old rouble for a new one in order to curb inflation. According to the weekly Eesti Ekspress, there have been 11 monetary reforms that have affected Estonia since 1914. As a result of each monetary reform people have lost at least a part of their savings. This time it is not likely to happen and Estonians must not fear losing their savings. (Helsingin Sanomat, 18.7)
On January 1 Estonia will join the Eurozone, raising economic fears in a Tallinn that is glued to news from Ireland. They have been urged to love the euro by Princess Europa in television adverts, and by the 450,000 cheap plastic calculators sent out by the European Commission. Then there were the thousands of leaflets with a cartoon of a smiling stork delivering a euro coin like a baby that their Government sent them, to make the changeover seem like fun.
45 million euro notes and 194 million coins have been delivered to the Bank of Estonia by now. The main concern for ordinary people is the fear of rising prices. The Government’s answer is the Fair Pricing Agreement. Given Estonia’s disciplined, honest, Nordic culture it might work . (The Daily Telegraph, 21.11)
The EU’s poster child adopts the euro despite the crisis in Ireland. There are few who object to the single currency in the country. Their comments can be found in the internet, accessible free of charge all over the IT-wonderland. According to Hanna Turetski, the head of the Consumer Protection Board, prices are being closely checked in the shops, as 75% of Estonians fear that the prices will rise. Increased prices could have dramatic consequences in a country where the minimum net pay is 268 euros a month. In Tallinn, 80% of the people believe they have been informed well enough about the euro accession, while rural areas and ethnic minorities demonstrate a lower percentage. The Government issued more than half a million households with a euro calculator, deemed useless by many of its citizens. A few days ago armoured trucks passed through the Tallinn Old Town, delivering the euro coins and notes to be used after 1 January from Finland. (Kurier, 21.11)
- Estonians were sent home euro converters that became very popular
Photo: Delfi Pressifoto
The euro coin starter kit ended up being a sales hit in Estonia. Banks and post offices sold more that 350 000 starter kits in a week. The idea of the preliminary sale is that people could get used to the new currency in good time. The popularity of the starter kits exceeded all expectations, because support for the euro in Estonia has been quite tepid. In November 54 per cent of Estonians supported the changeover to the euro. Thanks to the information campaign and the end of the economic crisis, an encouraging Europhilia can be noted for the first time in Estonia. A survey conducted in October showed that 90 per cent of Estonians felt they had received enough information about the euro. In November and December the information campaign supporting the euro has escalated even more. (Helsingin Sanomat, 17.12)
Former Soviet republic Estonia is steering a course towards its northern neighbours and is hoping to adopt the Euro. Currently Finland is Estonia’s most important trade partner and ferries between the capitals of the two countries run so regularly and frequently that people have started to speak of Talsinki. Jaak Jõerüüt, Estonia’s ambassador in Riga points out that Estonia has good skills of cooperation in everyday politics. In many areas Estonia’s behaviour is as exemplary as that of its Scandinavian neighbours: according to Transparency International Estonia has the lowest corruption level in Eastern Europe. Design is valued in Tallinn, following the Finnish example. Service is friendly and many different businesses are making sure that Estonia is known as a small innovative country. Foreign delegations don’t only visit Tallinn old town, but also the Skype headquarters or the NATO Cyber Defence Centre. (Berliner Zeitung, 16.03)
Estonia’s new euro coins have already been ordered. Achieving this goal despite the tough recession and the worry over the single currency fits well with the general perception of Estonia as a model student. During the economic boom Estonia had a budget surplus, and economic growth was more than ten per cent during the peak times. The whole Europe was admiring ‘the Baltic tigers’ back then. When the Baltic countries were hit by the economic recession, people gloated that the Baltic tigers were actually cats. Estonia’s discipline in recovering from the crisis has been impressive: the country’s GDP did fall by 14 per cent, but the national debt is the lowest in the EU at 7.2 per cent of GDP. Rainer Kattel, political scientist at the Tallinn University of Technology says that you don’t have to step far from the university main building in order to see the image of modern Estonia: the Skype development centre. In addition, the latest survey by the German-Baltic Chamber of Commerce shows that Estonia is the most popular destination among Central and Eastern European countries for business. (Frankfurter Allgemeine Zeitung, 15.06)
Estonia is the first country in the Baltics to adopt the euro. Companies in Hamburg wish to profit from this opportunity. “Adopting the euro makes Estonia more attractive for German companies,” said Theis Klauberg, who works as a partner in TNT law office. Low taxes, a favourable legal and tax system and a location next to major Scandinavian markets is an advantage for Estonia. Klauberg says that Estonia is especially attractive for those businesses that would like to expand into Scandinavia and Russia. Estonia is always open to new IT solutions, and setting up a new company in Estonia over the internet takes only 15 minutes. According to forecasts, Estonia’s economy will grow next year by 3.3 per cent. Klauberg praises the fact that so far dividends have not been taxed in Estonia. (Die Welt, 25.11)
Journalist Charles Duxbury thinks the Irish watching Iceland should stop and turn East. Both Latvia and Estonia have done everything they can for entering the Eurozone as soon as possible. Estonia is set join at the start of 2011 and Latvia in 2014. At the onset of the crisis, the two Baltic States faced a stark choice between the Icelandic model of devaluation, backed by Nobel economist Paul Krugman, and listening to the voices from Frankfurt telling them not to give up their euro dreams. Apparently they made the right choice. (Wall Street Journal, 10.12)
The influence of Estonia’s economy in the European Union is small, and it is tiny in Russia. In the awareness of the post-soviet person a quarter of the population in the former Estonian SSR still speaks Russian. And suddenly, on 1 January the Eurozone will invade the once forbidden territory of the former Soviet Union. The author of the article compares the changeover to the euro with the removal of the bronze soldier monument. The author believes that with this Estonia’s authorities want to exhibit their independence. The changeover to the euro has been presented as the last brick in the wall that separates European Estonia from a totalitarian metropolis. The only ones who benefit from Estonia’s change to the euro is the EU leadership in Brussels, as they urgently need examples that the Europroject is still alive. (Itogi, 27.12)
Paul Krugman responds to Charles Duxbury’s affirmative article on the Baltic States’ rapid reforms during the crisis, “The Irish should look to the Baltics, not Iceland”. Krugman remains sceptical about the choices the Baltic States have made, saying that they have done much worse than Iceland, which has been able to preserve the Nordic social model. The Baltic States have been able to maintain their fixed exchange rates, but Krugman doubts that this is crucial. The idea that a country suffering a 25% fall in GDP, a 20% fall in employment, and mass emigration can be hailed as a policy triumph boggles the mind, he writes. (The New York Times, 21.12)
On 1 January Estonia will become a member of the Eurozone. No matter where you go in Estonia, noone speaks of the crisis. During an interview with the minister of finance Jürgen Ligi, a colleague of the minister says that Estonians are more German-minded than the Germans themselves. The journalist also meets Jaan Tallinn, the developer in Skype, who visits Silicon Valley on a regular basis and also advises the president of the republic. At first Estonia’s success was doubted, as was its ability to meet the euro criteria, but the country has proved itself. Estonia’s major concern is the 300,000 Russians who live in the country but in their own minds belong to the cultural sphere of Moscow. They worry a lot about the prices going up, because it is much more difficult for Russians to find work. Businessman Priit Tamm believes that orienting towards exports is the most important thing for Estonia. Tamm thinks that Estonian producers will be successful in Scandinavia. (Die Zeit, 23.12)
- Estonian Foreign Ministry welcomed the euro with an "Euro" on its windows
Estonia is the 17th country to enter the Eurozone. Olli Rehn calls this a reward for its frugal state budget during the crisis. According to Jose Manuel Barroso the accession of a country with a stable national budget to the Eurozone is a good thing, as it increases the trustworthiness of the entire region. From January 330 million Europeans will be using the single currency. President Toomas Hendrik Ilves says that the new currency has more of an emotional value. Estonia is also known as the Baltic tiger. Unlike Latvia and Lithuania, Estonia was able to meet all Maastricht criteria. (Der Spiegel, 31.12)
For Estonia the euro is not just a question of economics but also one of image. Estonia has sacrificed a lot in order to join the Eurozone. Pasi Harttunen, head of the Finnish Chamber of Commerce believes that the sacrifices will pay off. Although the euro will not bring instant visible changes, Harttunen believes that it will calm the activities of banks and lower the price of borrowed money. According to Joakim Helenius, an investment banker involved in Estonia, the euro creates a good base for building on when the world economy starts to grow again. Helenius thinks that Estonia’s greatest strength is the people’s ability to adapt. Although salaries have fallen and unemployment has grown, the people have swallowed the government measures without major demonstrations. The euro will help Estonia to detach itself from the comparative group that has become a burden, the Baltics. Over the past two months both the IMF and the European Commission have praised Estonia. (Talouselämä, 7/2010)
