OREANDA-NEWS. October 06, 2009. ANDRES SAARNIIT, Adviser to the Economics Department of Eesti Pank, spoke at the conference held by the Estonian Dairy Association. He gave an overview of the current economic situation in Estonia, saying that the global economy is showing signs of a recovery and Estonia's outlooks do not differ from those of any export-oriented country, reported the press-centre of Eesti Pank.

Saarniit pointed out that Estonia is for the first time in the same economic cycle stage as the euro area and near-term growth is supported by both the European Central Bank and the economic policy of major economies. "From the point of view of the recovery of Estonia's sustainable economic development and growth, reliable economic policy, including fiscal policy, which plays the key role in the accession to the euro area, is of paramount importance.

The more certain the goal of the adoption of the single currency and the faster the accession to the euro area, the quicker will be the recovery of confidence in Estonia. The changeover to the euro determines the restoration of trust in foreign investors," said Saarniit, adding that all economic policy steps must support the euro goal.

Andres Saarniit emphasised that the banks operating in Estonia have withstood the global economic crisis owing to their buffers and larger banking groups have confirmed their intentions to continue operating in Estonia.

The conference "Jatkusuutlik piimandus - muut voi tegelikkus" (Sustainable Dairying - Myth or Reality) of the Estonian Dairy Association took place in the Nordic Forum Hotel in Tallinn.