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BNS - Speaking at the Krynica Economic Forum in Poland on Wednesday, Estonian President Toomas Hendrik Ilves said that the Estonian economy is more balanced now than before the crisis and the only critical aspect is high unemployment.
The president spoke about Estonia's experiences in accession to the euro area despite the economic crisis, pointing out, among other things, that in a certain sense the crisis meant an opportunity to get rid of the imbalances that had mounted during the boom. For new economic growth several prerequisites are needed, and one of them is accession to the euro area, the president said according to spokespeople.
Estonia has exited the economic decline and is expecting 2 percent growth in 2010, Ilves said, adding that save for high unemployment the Estonian economy was more balanced than before the crisis.
The president pointed out that in 2009 Estonia was one of the first countries in the European Union to start making cuts in its budget.
He said that Europe's success hinges on being able to boost its competitiveness in comparison with the United States and rising Asia, to coordinate economic policies between the EU member states more than so far, and overall to be more flexible in the world that is changing with ever increasing speed.
Ilves addressed the audience alongside Polish President Bronislaw Komorowski, European Commission President Jose Manuel Barroso, European Parliament President Jerzy Buzek, former Finnish prime minister and vice president of Nokia Esko Aho, and Germany's Interior Minister Thomas de Maiziere as part of a plenary session entitled "Europe After the Lisbon Treaty: Strategies for the Future."
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