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Economic Crossroads: From Recovery to Sustainable Growth in the Baltics and EU

Economic Crossroads: From Recovery to Sustainable Growth in the Baltics and EU. Jürgen Ligi Minister 24.11.2011. From steep fall of GDP to rapid growth. Eurostat. Government sector budget position in the Baltics and EU. %. Eurostat.

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Economic Crossroads: From Recovery to Sustainable Growth in the Baltics and EU

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  1. Economic Crossroads:From Recovery to Sustainable Growthin the Baltics and EU Jürgen Ligi Minister 24.11.2011

  2. From steep fall of GDP to rapid growth Eurostat

  3. Government sector budget position in the Baltics and EU % Eurostat

  4. Employment rate (% share of employed in working-age population) Eurostat

  5. General governmentdebt Source: Eurostat, European Commission, Ministry of Finance of Estonia. * 2011–2012: European Commission Spring Forecast. May 13, 2011.

  6. Key factors of recovery - case of Estonia Conservative fiscal policy - Consolidation effort - 16% of GDP in 2008-2010 - Balanced or surplus budget - Low government debt Flexibility - Labour market - Within the system Openness, transparency and low corruption Scandivavian financial market integration -Surveillance

  7. Crisis management Financial assistance programmes for Portugal Ireland and Greece • Greece loan facility Establishment of EFSF and ESM • Increased flexibility of EFSF and leverage options in pipeline In European banking stronger capitalization and surveillance

  8. Economic governance Overhaul of the economic and budgetary policy co-ordination in the EU: • ”Six Pack”- Reformed preventive and corrective arms of the Stability and Growth Pact • The “European semester” + Euro Plus Pact to enforce the surveillance and peerpressure • In pipeline enhanced budgetary surveillance proposals by the Commission (H. V.Rompuy)

  9. Thank you!

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