Analytics, Economics, Estonia

The President Toomas Hendrik Ilves

All parties agreed during the meeting that Estonia's accession to the European single currency would in longer-term perspective largely create a basis for future economic growth.

"Foreign investments is an important measure that would help us get over the crisis and in this context we understand that the euro is not a miracle cure, but without the euro we would not overcome the crisis as soon as possible," said the President. He added that accession to the euro area would mean increasing Estonia's reliability in the eyes of foreign investors and exports partners and that in turn would give the opportunity to develop the stable environment that is necessary for the economic growth.

The head of State and the entrepreneurs noted at the meeting that those who pessimistically think that Estonia should not make efforts in the name of the accession to the euro area and the adoption of the single currency should be postponed further into the future are not right.

Ilves asserted that the fulfillment of the criteria that are necessary for the adoption of the euro is a major objective for the entire society. "As the society is prepared to make an effort for this purpose, the Government and Riigikogu have the necessary preconditions for making the relevant decisions," he said.