Dimson E., P. Marsh and M. Staunton (2002) Triumph of the Optimists: 101 Years of Global Investment Returns, Princeton University Press. 2 Dimson E., P. Marsh and M. Staunton “Long-Term Asset Returns” in Financial Market History, edited by D.  Chambers and E. Dimson. 3 The figures are annual figures and the percentage falls are therefore smaller than for measurements from the  peak to the trough on a monthly basis. 4 The Government Petroleum Fund, Annual Report 2002. Norges Bank. 5 See Discussion note 1/2017, International diversification for long-term investors, NBIM 6 Dimson E., P. Marsh and M. Staunton: Credit Suisse Global Investment Returns Yearbook 2018. Dimson E., P.  Marsh and M. Staunton. Triumph of the Optimists: 101 Years of Global Investment Returns, Princeton University Press, 2002. 7 ibid. 8 Estimated market value in the fund’s benchmark index if the companies had not been excluded. 6/6  BIS central bankers' speeches
This is also reflected by the growth figures of the EU and single Member States. According to Eesti Pank's spring forecast, this year's economic downturn in Estonia will be around 12%. Estonian economy may start to recover towards the end of 2009, albeit the resumption of growth is very much dependent on the state of economies of our main trading partners. In 2011, Estonia's economic growth should recover to almost 5%. I would like to stress that Estonia has undergone considerable economic adjustment, which started already at the end of 2007 and several risk factors are withdrawing rapidly. Estonia's current account – the spread between savings and investment – is practically in balance. Thus, the financing of the economy's current expenditure is ensured by current income. Any external current financing needs will be covered by official EU funds. The correction of labour market and the rapid decline in inflation are just as important. The sharp increase in prices and wages following Estonia's accession to the EU is over. Price level in Estonia will decrease moderately both this and next year. This is an important factor supporting productivity growth in the economy. Let me now turn to euro adoption. The clear perspective of joining the euro area increases markedly Estonia's credibility and serves as the main factor supporting our economy in the near future.