OREANDA-NEWS. September 27, 2010. Prime Minister Andrus Ansip said in the opening speech at the international euro conference organized by the Bank of Estonia, the European Central Bank, the European Commission and the Ministry of Finance today that the Estonian economy had proven its adaptability to changing conditions and that budgetary discipline was strongly rooted in Estonian culture.

“I am convinced that the monetary, fiscal and structural policies Estonia has followed so far have been the best way to prepare us for successful membership in the European Monetary Union,” said Ansip, who said he believes Estonia is on the verge of a “major breakthrough in refining its economic environment”. “Fully-fledged membership in the European Monetary Union will deepen our presence in one of the biggest and prosperous economic powers in the world,” said Prime Minister Ansip.

The Prime Minister harked back to the fact that the Estonian currency has been pegged to Europe's strongest currency for more than 18 years – first to the German mark and then to the euro. “In Estonia, the fixed exchange rate has been reinforced, as it should be, by exemplary fiscal discipline,” said Ansip and added that ever since Estonia adopted the kroon, Estonia’s state budget has mainly boasted a surplus. Ansip said that Estonian government debt was the lowest in the European Union and that it will remain that way in the years ahead. “Our recent experiences show how valuable such an insurance policy is for a small country,” said Ansip.

The head of government said the recent instability on the global financial markets – and on the bond markets of European governments in particular – once again show the importance of a conservative budgetary policy and of having market regulations that are in line with the requirements.

The head of government thanked the Estonian people for their efforts and patience in preparations for accession to the Eurozone. Ansip also acknowledged Estonia’s friends and partners with the European Commission, European Central Bank and member states for their cooperation and counsel.

In closing, Ansip said that many Estonians would presumably feel a certain sense of nostalgia for the kroon. “But I am sure that the use of the euro will soon become an integral and unquestionable part of being an Estonian,” said the Prime Minister.