Estonia, EU – Baltic States, Financial Services, Investments

German Chancellor Angela Merkel announced on June 26 that Europe will not share the debt burden fully as long as she lives.

Paet told Public Broadcasting that Merkel's position is understandable. "Regarding pan-European bonds, our position is very close to that of Germany. We don’t consider it right either that major debt burden that some states have taken over time, should be shared on solidarity basis."

As to the proposals of increasing EU powers and the anti-crisis proposals that have been made before the EU summit, Paet said that these are too fresh and should still be analysed.

"In Estonia we have always been on the opinion that in connection with the common currency the euro, there must be mechanisms how to call the states to order that systematically don’t fulfil rules and thus endanger the stability of the euro," said Paet.