Republic Of Estonia: Republic Of Estonia Second Review Under the Stand-by Arrangement

Author: International Monetary Fund

The fast economic recovery despite a strong fiscal correction is a result of the government's determined macroeconomic and structural policies. Executive Directors commend the government for adhering to its ambitious fiscal targets. The careful crafting of legislation to establish a second pillar of the pension system is appropriate. The high confidence in the currency board and the strengthening of the banking system will stabilize the financial system. Nonbanking supervision has to be strengthened further and the draft securities market law should be implemented.

Volume/Issue: Volume 2001 Issue 014

Publication date: January 2001

ISBN: 9781451812350

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Business and Economics , Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Estonia review , deficit , privatization program , authority , Estonian authorities , transit company , deficit target , legislation indexing , current account , banking system , Commercial banks , Foreign assets , Monetary base , Personal income tax , Asia and Pacific , Baltics , Global

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Summary

The fast economic recovery despite a strong fiscal correction is a result of the government’s determined macroeconomic and structural policies. Executive Directors commend the government for adhering to its ambitious fiscal targets. The careful crafting of legislation to establish a second pillar of the pension system is appropriate. The high confidence in the currency board and the strengthening of the banking system will stabilize the financial system. Nonbanking supervision has to be strengthened further and the draft securities market law should be implemented.