To help us better assess the current state of the credit card market and possible challenges in credit card markets for consumers and others involved in those markets, I have invited key credit card market participants – card issuers and processors, consumer advocates, counseling agencies, and other regulatory agencies – to participate in a forum hosted by the Federal Reserve Board on April 8.
In Estonia, the average budget deficit was less than 1% of GDP in the period between 1992 and 2001, and the public debt level was only 4% of GDP. As the appetite for risk declined and many emerging market countries ended up in crises, in Estonia there were practically no assets from which the sudden capital outflows were able to occur.