Banks, Economics, Estonia, Financial Services, Funds

While the new phase of EU funding got off to a kind of a promising start, using the funds has slowed down of late, Hansson said in his remarks at the Ariplaan 2017 (Business Plan 2017) conference sponsored by Aripaev. 

"Maybe we are in a phase now where we have cumulatively invested less than in the earlier phase," Hansson said.

The role of EU funding in investments by the government sector has clearly declined, according to the head of the central bank.

"This is one untapped resource that could be injected into the economy," he said.

The minister of public administration, Arto Aas, described bureaucracy as one of the reasons preventing EU funds from finding their way into the economy very fast. "Also when it comes to Brussels, where all decisions have to be endorsed," he said.

The second reason, according to Aas, is the government trying to make wiser decisions this time, since productivity and economic growth have not been consistent with investments.

"Next year the amounts of money going into the economy will rise dramatically," Aas said speaking at the same conference.