Analytics, Economics, Estonia, EU – Baltic States, Financial Services

Jean-Claude Trichet.

“We have faith in Estonia. The figures are there as well as facts and the near past. This is a demonstration of the ability of consolidation, which is very remarkable. Complete trust but there is never a time for being content with oneself,” Trichet said.

He said that all authorities, central banks too, must be constantly on the alert and make decisions corresponding to the situation. “The role of the central bank is to guarantee price stability in midterm and long-term perspective, which is the prerequisite of consistent growth, creation of jobs and stability” said Trichet.

Although the second quarter was better than expected in several states, Trichet said that it is too early to declare a victory. He said that Europe has to work a lot on structural reforms too, this in the 27 member EU and the future 17-member euro area to be certain that economies were as flexible as necessary in the current world, writes LETA.

Trichet said that governments must be able to give confidence to people, businesses and investors that fiscal policy is strong, as then they are more confident in investing and consuming.

“We believe that a firm fiscal policy is a part of securing recovery,” he said.