President: Estonia quite untouched by financial crisis

So far Estonia has been quite untouched by financial crisis and that is mainly due Estonian banking's integration with Nordic financial sector, President Toomas Hendrik Ilves said at the meeting with German President Horst Köhler, postimees.ee writes.

“Estonian economy’s adaption began a year before financial crisis reached Europe, but next couple of years will be certainly complicated in economic policy means for Estonia,” Ilves said.

Presidents said it must be and it is in EU’s interest to restore the trust of banks and citizens, also general balance on world’s financial markets.

“In world’s extension there are currently at least two problems – in addition to stabilising financial markets it’s necessary to avoid financial problems’ escalation into general economic crisis,” Ilves noted.

He added that it needs coordinated activities both, in EU and larger international scale.

Source http://balticbusinessnews.com/default2.aspx

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