U.S. Embassy in Tallinn
Two weeks ago Eurostat confirmed Estonia has met the statistical criteria for joining the Eurozone - Estonia has kept its budget deficit, debt, and inflation all low.
About a week from now, the European Commission is expected to release a report recommending Estonia be allowed to accede to the euro. These remarkable feats, in the midst of a global economic crisis, are something all Estonians should be proud of. While extraordinary, though, all of this should not surprise anyone who knows Estonia well, as it has always been an example for other countries to follow.
Since regaining independence, Estonia has created one of the most liberal, pro-business operating environments in the world. Throughout the boom years, the Government of Estonia maintained budget surpluses and built up its fiscal reserves.
This extraordinary fiscal discipline, combined with the government's swift actions to respond to the crisis, as well as Estonian society's acceptance that these sacrifices were necessary, allowed Estonia to stay on track for euro accession and will ensure Estonia comes out of the recession earlier and stronger than its neighbors. Once again, Estonia is a bright and strong example from which other countries, including the United States, can learn.
(May 4, 2010 )
The Estonian Economy: A Success Story, Despite Hard Times