Estonia has already experienced many benefits of increasing international integration, most obviously in significant … convergence. From the Russian crisis in 1998 to the great recession in 2009 Estonia gained an impressive 20% in GDP per capita … recession Estonia’s gap in income and productivity levels compared with the EU average was still around 30% and as the country …

From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital … board limited the Bank of Estonia’s ability to curb credit growth, while the fiscal policy framework amplified the cycle … tightened lending standards and capital outflows. Estonia is now in a severe recession. To restore high and sustainable growth …

Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency … country’s policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the … structure of its economy also notably differs from the euro zone. To benefit fully from joining the EMU, Estonia must strengthen …

, ethnic groups, and workers with different skill levels. As Estonia entered recession in 2008, the unemployment rate almost … will be a key adjustment mechanism during the recession as well as in the medium term if Estonia is to become a knowledge …