Forskellen mellem Estlands og Letlands økonomi er i høj grad netop valutapolitikken.Island er nok et bedre eksempel på fordelene ved en flydende valuta end Estland.
Iceland’s financial crisis started at the end of 2008, when its three biggest banks failed, resulting in a sell-off of the krona that culminated in a depreciation as deep as 80 percent against the euro offshore. The central bank imposed capital controls to stem volatility at an exchange rate about 45 percent weaker than before the crisis. The krona slump instantly ended 22 quarters of trade deficits, helping a recovery that saw the economy grow 3.3 percent in the fourth quarter from the third.Og
Estonia has made some tough sacrifices for the dubious honour of joining the euro from January 1, 2011. Just how tough was illustrated by new unemployment data released on Friday. (...)
The jobless rate In Estonia leapt to an all-time high of 19.8 per cent in the first quarter, compared with 15.5 per cent in the previous three months.
The country’s economy has been in deep recession since the bursting of the Baltic credit bubble in 2008, contracting by more than 14 per cent last year alone.
The government could have softened the pain with stimulus spending. Instead, it kept a straightjacket on public finances as it battled to keep the deficit below the 3 per cent limit for euro entrants.