Nr. 12-2011 Published monthly by:
The Swedish Chamber of Commerce
in Estonia

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Leveling the Risks - Increasing investments in the 2012 State Budget will level the risks hidden in the insecure international economic environment, said Estonia’s Minister of Finance, Jürgen Ligi, as he commented next year’s now approved State budget.

Together with his colleagues from Latvia and Lithuania, and Peter Norman, the Swedish Minister for Financial Markets, Jürgen Ligi took part in a seminar at Handelshögskolan - Stockholm (the Stockholm School of Economics in Stockholm). Named ‘The Baltic Area - Center for Economic Progress’, the seminar was part of a number of conferences, seminars and events arranged within the framework of Baltiska Året 2011 (the Baltic Year 2011), commemorating the Baltic States’ 20 years anniversary of restored independencies.

- Our largest investments are planned within the governmental area of the Ministry of Economic Affairs and Communications in connection with road constructions. Furthermore, investments are planned for the Ministry of the Environment connected to the infrastructure of water and waste management, and for the Ministry of Agriculture connected to a wide range of investment support, continued Jürgen Ligi.

- The euro shouldn’t be blamed for the current European crisis. The core problem is found among countries that haven’t looked after their national finances and who shouldn’t have joined the eurozone in the first place, noted Jürgen Ligi.

- Different countries have acted in different ways during the crisis. In Southern Europe they haven’t done anything compared to what the Baltic States have done, said the Swedish Minister for Financial Markets, Peter Norman.

- We responded to the crisis with an internal devaluation. With the state finances correctly handled, the euro represents a way towards economical stability and a protection against inflation. A united Europe requires a common currency, concluded Jürgen Ligi.

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