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Foreign Minister Urmas Paet: Europe Has Good Conditions for Economic Growth


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While talking about the political aspects of the European crisis during a roundtable at Columbia University in New York, Foreign Minister Urmas Paet said that one cannot talk about a “euro crisis” as such. “We can talk about a financial, economic, banking, or debt crisis, as well as a crisis of trust,” said Paet. “Europe has implemented many measures for coming to terms with the crisis, and our activities have two dimensions – solidarity on one side and rules and reforms on the other.” Paet stated that those receiving aid are obligated to carry out structural reforms and keep public debt under control.

When talking about the future of Europe, Paet noted that Europe has good conditions for economic growth and development. “We need to get problems in the ‘crisis countries’ under control, carry out reforms, and restore trust in the markets,” he stated. “The European Union is the biggest economy in the world but the euro zone’s debt burden is smaller than that of the USA or Japan. The EU’s internal market and the free movement of people, goods, services, and capital serve as an example for the rest of the world,” he added. Paet stated that the number of European Union candidate countries demonstrates the fact that the EU remains attractive.




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