The problems connected to Estonia's overheated economy started to become real apparent some three years ago, said Jaan Männik, Chairman of the Supervisory Board at Eesti Pank, in his opening address at last week's Business Lunch on Estonia's image abroad.

We got a double digit inflation fuelled by a booming real estate market, a lack of labour situation and a credit market boosting domestic consumption. As for the latter issue, the banks' local managements here as well as their international headquarters have a shared responsibility...

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