Our economy, which once was very much out of balance, is now in balance and developing about as well as could be expected in difficult circumstances. Furthermore, and this is very crucial, opinion polls show that public support for the euro appears to be rising and has clearly been above 50%. If one also considers recent improvements in the outlook for the euro area as compared to 6 or 12 months ago, I believe the support will continue rising in the future. Never in our history has Estonia been engaged in shaping Europe to such an extent. We have a say in the processes affecting us, from monetary policy decisions to the euro area’s future. For us, it is a matter of economic security, future prosperity and international credibility. I wish Latvia determination and success in following the same path. Thank you! BIS central bankers’ speeches  3
Moreover, this framework should be flexible enough to allow countries to give a response according to the features of the crisis specific to the respective country. Anyway, clear principles for preventing legal bottlenecks and the cross-country spillover of negative effects should be put in place, and countries should share the fiscal burden of a cross-border crisis in line with those principles. BIS Review 56/2009  3  6. The IMF strengthened its role after being criticised for not having foreseen the Asian crisis. A few years ago, many economists expected a sharp decline in the IMF's role in the current economic context. Against the background of the current crisis, the world seems to rediscover the role of the IMF. The institution's funds have recently been increased in order to meet the requests of different countries for financial and technical assistance. The statements of the G20 leaders are indicative of the fact that the IMF will assess regularly the measures taken and the global actions necessary to be initiated. Furthermore, a close cooperation between the IMF and the Financial Stability Board (FSB), which will include all G20 countries, members of the Financial Stability Forum, Spain and the European Commission is envisaged. Together, the IMF and the FSB will convey early warnings on macroeconomic and financial risks and will indicate the necessary actions to address such risks. My opinion is that the current financial crisis highlights the fact that in such difficult times, an institution having an image of each economy in the global context is required.