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picture News March, 6 2021
image: Estonia is a country with high credibility Estonia is a country with high credibility

Estonia's credibility in Europe today is very high, said Håkan Berg, Head of Swedbank's Baltic Banking at last week's business lunch in SCCE's "Here we are! What's next?" - series of meetings, conferences and seminars on the economic environment.

- One of the main reasons is of course that Estonia has been accepted into the Eurozone January 1st next year. Fears for devaluation has disappeared, foreign investments are picking up and commerce and trade will be both smoother and easier, continued Håkan Berg.

- Estonia has also been very successful in coming out from the crisis quickly. The State has made the necessary cuts and restructured public finances.

- Estonia is in a post-crisis situation now, and even the financial situation has improved domestic demand remains low. Unemployment is extremely high, but on the same time many companies complain on the difficulties they have to find skilled labor. We obviously have people having wrong competences and living in the wrong places. Changing that is an additional challenge for the State.

- Working in all three Baltic countries, I can say that Estonia is an important model for Latvia and Lithuania, and our euro adaption will speed them up in fulfilling their necessary reforms for a future euro adoption. The euro is not in its strongest mode right now, but I definitely see more clear benefits than question marks in changing over to euro, concluded Håkan Berg.

Alice Salumets, Attorney-at law at Alvin, Rödl and Partner Advokaadibüroo went through the main and important practical issues connected to the euro change over process.

Please read more and find Alice's presentation on the link below.

Kristiina Sikk
OMbudsman SCCE



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