The President of Estonia, Toomas Hendrik Ilves, is on an official visit to Iceland. Yesterday he gave a press conference at Bessastadir, the official residence of the president of Iceland.
Bessastadir. Photo: Páll Stefánsson/Iceland Review
He was asked about the euro and stated that Estonia will take up the currency in the beginning of 2011, Fréttabladid reports.
“If you look at the problems that we have faced because of lack of trust in our currency, in spite of the problems that the Eurozone is now facing, it is a far better decision to be within the zone than outside it, if you weigh the advantages and drawbacks.”
“If we have a small country where investors flee because of misgivings about the currency and a steady stream of news that the currency will be devalued without any visible cause, then other options have to be explored,” Ilves stated.
He added that lower costs of doing business would have immediate effects and that it was expected that the GNP (Gross National Product) of Estonia would increase about one percent immediately after taking up the Euro.
The President said that Estonians were willing to help Iceland in all possible ways with regards to the application to the EU.
Ilves was elected President of Estonia in 2006. He was previously Foreign Minister of the country and later a Member of the European Parliament. His visit began on Wednesday and ends on Saturday.