Juhan Tere, Baltic Course
The director of the Estonian Institute of Economic Research Marje Josing stated that if Estonia would maintain its own currency, it would face a need to devalue it in the next two or three years, writes LETA/National Broadcasting.
“The reason would be the same that affected us in the economic crisis – the fall in compeittiveness,” she explained. Josing added that if Estonia will not be able to adopt the euro in the beginning of next year, the inflow of foreign investments would be smaller, the loans would be more expensive and the restructuring of the economy would be hindered.
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Marje Josing: kroon would be devalued soon (2)
Eestlased Eestis | 15 May 2010 | EWR
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There is no reason to disqualify the notion that instead of devaluation to the currency, the Estonian workforce will have to face the very real prospect that wages will remain at their pathetically low levels for at least another 3-5 years. Foreign investment is the only bright outlook for the Estonian economy which has plummeted to an embarassingly low level. I predict the government will attempt to sell off a number of public utilities during the next 5 years.
Baltic nation faces another year of economic contraction, high unemployment
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