I would like to stress that being among the first is not an aim in itself but arises from the acknowledgement that Estonian economic fundamentals have stood firm and that our economy will be ready for joining the mechanism in a few years. •  Joining the Economic and Monetary Union is a crucial step for the Estonian economy, which will secure the sustainability of a favourable investment climate and strengthen the prerequisites for a continued long-term and balanced economic growth;  •  The estimates by foreign investors and rating agencies on the reliability of Estonian economy have already taken into account the imminent membership of the EMU, which is evidenced by the interest margins and credit ratings that are already on the levels comparable to the old member states;  •  A prerequisite for sustaining the outstanding reliability achieved to date is as fast as possible changeover to the euro, i.e. becoming a full member of the Economic and Monetary Union. An important argument in favour of a comparatively swift changeover to the euro is Estonia’s current economic situation. What are the grounds for such a claim? In order to evaluate the broader economic impact of joining the euro system and choose the right accession moment, the UK has adopted five 'euro tests'. These are the following: 1. Have the economic structures and cycles of the accession country and the euro zone converged sufficiently for a successful application of the common monetary policy? 2.
•  The third option is to secure as efficient as possible operation of the education market in the private sector where people themselves pay for their education. One possibility to contribute to this is, for example, through carefully planned implementation of the system of education capital units that has already been under discussion, in the similar way to the pension insurance system that has been successfully launced. When we know which areas will boost Estonia's competitiveness, we should make sure that those who pay for their education themselves would choose the right specialities (they should be motivated by the fact that their anticipated pay is going to be higher - hence they would be willing to bear higher costs). Currently the problem in Estonia is that people choose law and business specialities where the external impact is small, and fewer engineering professions, mathematics, etc. where the external impact is presumably high. •  Probably the main problem here is lack of information. In order to secure improved circulation of information, future students should be systematically informed of the  8  BIS Review 26/2004  differences in pay and the opportunities of finding employment in different areas - however, pay differences today do not always reflect what is to become in the future. For example, the excessive supply in business specialities compared to other areas should lower entry-level salaries. Another area about which students should be systematically informed is the level of schools.