OREANDA-NEWS. November 29, 2012. Governor of Eesti Pank Ardo Hansson gave a presentation at a conference in Helsinki, where he compared the economic adjustment of Baltic countries to that of Greece, Ireland and Portugal, concluding that fast adjustment has a number of advantages, reported the press-centre of Eesti Pank.

In his presentation, Governor of Eesti Pank analysed adjustment to the crisis in the Baltic countries, which underwent extensive changes in domestic demand and fiscal policy. “The experience of the Baltic countries show that a speedy implementation of reforms and budget balancing helps shorten the time of uncertainty related to fiscal consolidation, prevents reforms from delaying and curbs indebtedness growth," said Hansson.

According to Hansson, the experience of the Baltic countries may give some food for thought to the politicians of the countries that have chosen a slower path for carrying out reforms. “A long period of uncertainty that slower reforms bring about may be even more damaging and painful than a rapid implementation of the necessary decisions," he added.