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picture News March, 8 2021
image: The Eurozone – for better or worse The Eurozone – for better or worse

- Looking at the figures of economic growth and unemployment, the Eurozone is a failure, said Morten Hansen, Head of the Economics Department at the Stockholm School of Economics in Riga, as he addressed current euro issues and trends at a SCCE Business Seminar Thursday, April 4th.

- The financial crisis caused a deep recession but the Eurozone recovered quite fast and showed a close to 2,5% growth in 2011. However, this New Year the Eurozone went down to 0% growth and today the recession is a fact with a negative one percent average.

- As for unemployment, the Eurozone was down to below 7,5% in the beginning of 2008 but since then the figure has increased dramatically and we are now facing a close to 12% unemployment rate in the Eurozone.

- These figures, as well as other problems mainly connected to budget deficits and government debts in euro countries like Greece, Italy, Ireland and Cyprus, have a negative impact on Estonia as a considerable part of the country’s exports go to countries in the Eurozone.

- However, looking at inflation the Eurozone average has been close to the 2% target since the end of the 1990’s though we saw a 4% peak in 2008 immediately followed by a -0,5% deflation in 2009. The current Eurozone average is some 1,8% but in January this year, Estonia was noted for an unfavorable above 4% rate of inflation.

- Latvia is now well on its way to join the euro January 1st next year. The assessment procedure is ongoing and the European Council is expected to make its final decision on June 28th, concluded Morten Hansen.

Morten Hansen’s Business Seminar presentation is available on line at

On behalf of the SCCE Council, I would like to thank Morten Hansen, and his SSE Riga colleagues Kārlis Krēsliņš and Anders Alexanderson, for a very interesting and high spirited presentation. My thanks also go to the team at Meriton Grand Conference and Spa Hotel for an excellent Business Seminar set up.


Kristiina Sikk

read more:
· Newsletter SSE Riga
· Presentation_MH
· Presentation_KK

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