{
  "title": "Republic of Estonia: 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, May 13, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-estonia-2013-article-iv-consultation-40520",
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  "summary": "Estonia has succeeded in reducing its macroeconomic imbalances and vulnerabilities, but faces the challenge of preserving its hard-earned fiscal and financial stability and enhancing long-term growth prospects.",
  "publishDate": "2013-05-13",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Main findings",
      "content": "- Estonia has succeeded in reducing its macroeconomic imbalances and vulnerabilities.\n- The country faces the challenge of preserving its hard-earned fiscal and financial stability and enhancing long-term growth prospects.\n- Financial sector stability can be safeguarded by strengthening macroprudential policies.\n- Deeper Nordic-Baltic cross-border prudential arrangements and the EU banking union can enhance financial stability.\n- Estonia needs to safeguard its external competitiveness, address skill mismatches, and accelerate human capital accumulation."
    },
    {
      "heading": "Policy recommendations and frameworks",
      "content": "- Adopt a fully fledged medium-term fiscal framework to:\n  - Help assess policy trade-offs.\n  - Avoid procyclical policies.\n- Strengthen macroprudential policies to safeguard financial sector stability.\n- Enhance cross-border prudential arrangements in the Nordic-Baltic region and engage with the EU banking union to improve financial stability.\n- Implement policies to:\n  - Safeguard external competitiveness.\n  - Address skill mismatches.\n  - Accelerate human capital accumulation."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Banking, Expenditure, External debt, Financial derivatives, Financial institutions, Inflation, Prices, Public debt\n- Keywords: Baltics, core inflation, CR, economy, energy market liberalization, exchange arrangement, faster-than-expected euro area recovery, Financial derivatives, Global, Inflation, ISCR, Ministry of Finance homepage, monetary policy interest rates, ROSC\n\n---\n\n Content in this bundle\n\n- Cr13114\n  - Cr13114 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr13114 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-estonia-2013-article-iv-consultation-40520"
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    "Published: May 13, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484310380.002",
    "Estonia has succeeded in reducing its macroeconomic imbalances and vulnerabilities.",
    "The country faces the challenge of preserving its hard-earned fiscal and financial stability and enhancing long-term growth prospects.",
    "Financial sector stability can be safeguarded by strengthening macroprudential policies.",
    "Deeper Nordic-Baltic cross-border prudential arrangements and the EU banking union can enhance financial stability.",
    "Estonia needs to safeguard its external competitiveness, address skill mismatches, and accelerate human capital accumulation.",
    "Adopt a fully fledged medium-term fiscal framework to:",
    "Strengthen macroprudential policies to safeguard financial sector stability.",
    "Enhance cross-border prudential arrangements in the Nordic-Baltic region and engage with the EU banking union to improve financial stability.",
    "Implement policies to:",
    "Subjects: Banking, Expenditure, External debt, Financial derivatives, Financial institutions, Inflation, Prices, Public debt",
    "Keywords: Baltics, core inflation, CR, economy, energy market liberalization, exchange arrangement, faster-than-expected euro area recovery, Financial derivatives, Global, Inflation, ISCR, Ministry of Finance homepage, monetary policy interest rates, ROSC",
    "**Cr13114**"
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