OREANDA-NEWS. September 28, 2012. Governor of Eesti Pank held a presentation at the conference "Ariplaan 2013". He stressed that five years of crisis have proved the strength of the euro area and bolstered both Estonia and the country's undertakings, reported the press-centre of Eesti Pank.

"We have all learnt from the crisis and Estonia, as well as the euro area as a whole, stand on a much firmer footing than before. Buffers provided Estonia with great advantages at the onset of the crisis and today we know that sufficient reserves and a revision of spending help face the future with more courage, even though growth outlooks are still meagre," Hansson said.

He mentioned that uncertainty regarding euro area economic developments continues to be extraordinarily high, but the economic growth of our closest neighbours and major trading partners is projected to continue. "For businesses, it means there are still opportunities – economies are growing, albeit at a slow pace. The low interest rates established by central banks support business investment and the government has maintained Estonia's attractiveness to investors," Hansson said.

He added that pills for euro area economic credibility are in governments' medicine chest. "Central banks in the euro area have taken a series of non-standard measures to alleviate risks, increasing risks on their own balance sheets. The countries in difficulty can obtain trust needed for investment and job creation only by reforms and sorting out their budgets," said Governor of Eesti Pank. According to Hansson, the task of central banks is limited to ensuring price stability, which provides the basis for long-term economic growth.