OREANDA-NEWS. May 19, 2014. A review was presented in the Independence Hall of Eesti Pank of the changes that have been seen in the Estonian economy since the country joined the European Union.

Three presentations looked at the EU impact on Estonian monetary policy and the economy; the impact of the free movement of labour on Estonia; and the support Estonia has received from the EU’s cohesion policy.

Governor of Eesti Pank Ardo Hansson used his opening speech to highlight the importance of EU membership in the increase in democracy, freedom, security and well-being that it has brought for Estonian people, and for the EU itself in a global sense through increased internal security and economic growth.

Head of the European Commission Representation in Estonia, Hannes Rumm spoke about the preparations in Estonia for EU membership and about expectations from the EU, and he used his speech to introduce the three analyses of the impact on Estonia of the EU.

The first presentation was given by the Eesti Pank economist Ilmar Lepik, who presented a study by himself and Reet Reedik on the impact of the EU on Estonian monetary policy and the economy (to be published in the journal Akadeemia). The first ten years in the European Union have been a time of major contrasts for economic development in Estonia. The Estonian economy has experienced both rapid growth and a sharp fall occasioned by the global crisis. The paper presented covers the story of how the Estonian economy has adapted through the prism of monetary policy from the Asian and Russian crises to today, and briefly examines the experience of Estonia as a member of the euro area.

This was followed by a review by the central bank economist Orsolya Soosaar, who presented a study by herself and Natalja Viilmann of the impact of the free movement of labour in the European Union on Estonia. The freedom to live and work in any member state of the European Union is one of the fundamental freedoms in the constitutional treaty of the European Union and one of the bases for the integration of the European Union as an economic area. The research paper looks at the effect on the Estonian economy and labour market of the disappearance of obstacles to international movement during the first decade of membership of the EU.

Finally, the economist Karsten Staehr gave a presentation in English on a research paper by himself and Karin Kondor-Tabun entitled EU Cohesion Policy Funding in Estonia: Background, Trends and Challenges. EU cohesion policy funds are distributed to all regions, but the main attention is given to the least developed regions in order to strengthen the economic, social and territorial cohesion of the European Union. The study examines the implementation of cohesion policy in Estonia, specifically Estonia's strategic plans, the amount and allocation of funds received, and the lessons learned.

The seminar was hosted by Deputy Governor of Eesti Pank Ulo Kaasik.

The analyses were prepared to mark the tenth anniversary of Estonia's accession to the European Union and the event was held as part of the initiative of the European Commission Representation in Estonia under the title 10 years in NATO and the European Union. Together we have made Estonia bigger.