Estonia, EU – Baltic States, Export, Financial Services, Funds

On Friday, the Ministry of Finance presented a recently published report, which includes a compilation of proposals from experts independent from the Government for accelerating the use of EU benefits in order to create better conditions for Estonia to exit the economic crisis.

The most important points underscored in the report on independent experts’ proposals mostly concern the need to improve the efficiency and speed of implementation of measures that would contribute to developing a more competitive economic structure. The report lists the opinions of experts on where more benefits should be directed in order to invigorate the economic environment.

“Estonia should deal on a larger scale with problems that are included in an economic crisis such as unemployment and social security,” said leading consultant of Ernst & Young Baltic Tauno Olju, who is the analysis’ project manager on behalf of independent experts.

The minister of finance Jürgen Ligi stated that in the context of economic decline, the priorities and plans need to be reviewed. “The extra funds that can be used in the form of EU aid are very important right now when the State budget has no other resources to increase the subsidies and aid programmes that would boost the economy,” he said.

During the years 2007-2013, Estonia can use up to 53.3 billion kroons of EU structural funds’ resources, the priority areas and financing volumes of which were determined in 2007 when the economy was in the growing phase.