Thus, the EU economy has already received a significant macroeconomic stimulus, which should lead the EU back to the growth track in 2010. This  BIS Review 89/2009  3  will create the conditions needed for economic restructuring, but every country has to take the necessary steps itself. What are the measures that should be taken to help Estonia out of the crisis? Estonia is part of the EU and the single market, so the framework agreed upon in the EU is also suitable to our economic policy. The general principle we would like to stress is that we must strengthen our ties with Europe and the EU single market even more. This is essential for ensuring the stability and development of the Estonian economy and the financial sector. In order to overcome the crisis, the stability and possibilities offered by the EU and the single market are vital to Estonia. The speed of overcoming the crisis depends on the flexibility of Estonia's enterprises and their success in reorganising production and activities, considering changes in the world and in the EU market. The task of the state is to create conditions supporting the reorganisation and investment. Estonia's economy has, in fact, already displayed a rather good ability to adjust. The main changes include labour market adjustments and decelerating wage growth. This is definitely a difficult, but highly necessary process, which requires state support in the form of both a well-functioning and efficient unemployment insurance system and retraining possibilities.
Control Committees of the National Council and the Council of States (2010), The Swiss authorities under the pressure of the financial crisis and the disclosure of UBS customer data to the USA, report. Haldane, Andrew G. (2017), Rethinking financial stability, speech given at the ‘Rethinking Macroeconomic Policy IV’ conference, Washington, D.C., 12 October. Horton, Mark, Manmohan Kumar und Paolo Mauro (2009), The state of public finances: cross-country fiscal monitor November 2009, International Monetary Fund, IMF Staff Position Note, 09/25. International Monetary Fund (2014), Global Financial Stability Report: Moving from liquidity- to growth-driven markets, April 2014. Junge, Georg and Peter Kugler (2013), Quantifying the impact of higher capital requirements on the Swiss economy, Swiss Journal of Economics and Statistics, 149 (3), pp. 313–356. Page 13/14  Junge, Georg and Peter Kugler (2017), Optimal equity capital requirements for Swiss G-SIBs, University of Basel, Faculty of Business and Economics Working Paper, 2017 (11). Moosa, Imad (2010), The myth of too big to fail, Journal of Banking Regulation, 11 (4), pp. 319–333. Swiss Federal Council (2011). Dispatch on the amendment to the Banking Act (Strengthening the stability of the financial sector; too big to fail). Swiss Federal Council (2015), Federal Council’s ‘Too big to fail’ report. Swiss National Bank (2003) Financial Stability Report. Swiss National Bank (2016) Financial Stability Report. Swiss National Bank (2008), Measures to strengthen the Swiss financial system, press release. Stern, Gary H. and Ron J. Feldman (2004), Too big to fail – the hazards of bank bailouts, Washington, D.C.: Brookings Institution Press.