OREANDA-NEWS. On March 10, 2009 Governor of Eesti Pank ANDRES LIPSTOK met at the central bank with members of the German-Baltic Chamber of Commerce (Deutsch-Baltische Handelskammer). Governor of Eesti Pank thanked in his opening speech the members of the Chamber of Commerce for promoting cooperation between Estonia and Germany and stressed the need for close cooperation also in the future, reported the press-centre of Eesti Pank.

Mr Lipstok also highlighted some keywords topical for both Estonia and the entire Europe. "The first word is undoubtedly the global economic crisis, which is affecting Estonia in the same way as all the other countries. At the same time, Estonia has secured itself well to manage with the economic crisis. The country's main strengths are definitely the fixed exchange rate of the kroon vis-a-vis the euro and the banking sector's close integration with Nordic banking groups. The second keyword would be the stability and flexibility of Estonia's economy, which makes the country more attractive to foreign investors," said Andres Lipstok.

"The third point is that in order to ensure economic development, it is important to support the common market of the EU and to avoid protectionism. Although it is understandable some sectors do need state support, this does not mean the necessary economic readjustments should be staved off. Both Germany and Estonia are well-prepared to undergo rapid changes and take advantage of new opportunities," said Governor of the central bank.

In addition, Head of the Economics Department Ulo Kaasik gave the visitors a thorough overview of the current situation and outlooks of the Estonian economy.