I am optimistic that the experience will prove to be a vaccination against future financial excesses. The Finnish depression in the early 1990s resulted in suffering and economic hardship for many, but it also re-established a more cautious economic attitude that resulted in stronger balance sheets, and ultimately a stronger economy.
Finland received a vaccination against financial excesses that has lasted well over a decade. I am optimistic that Estonia will benefit from a similar vaccination, and will emerge from the recession as a stronger economy. Only the beginning My fourth observation is that this is only the beginning. A lot is going on inside the euro area and the Eurosystem.