## Republic of Estonia: 2013 Article IV Consultation

_IMF Staff Country Reports, May 13, 2013_

## Source details

**Canonical URL:** [Republic of Estonia: 2013 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-estonia-2013-article-iv-consultation-40520)

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## Bibliographic details
- Published: May 13, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484310380.002

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### Main findings
- 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.

### Policy recommendations and frameworks
- Adopt a fully fledged medium-term fiscal framework to:
  - Help assess policy trade-offs.
  - Avoid procyclical policies.
- 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:
  - Safeguard external competitiveness.
  - Address skill mismatches.
  - Accelerate human capital accumulation.

### Subjects and keywords (as listed)
- 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

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-estonia-2013-article-iv-consultation-40520_