Ligi at top of the heap

TALLINN - The Estonian Finance Minister, Jurgen Ligi, has been recognized as the best in 2010 among all finance ministers in the European Union, according to the Banker, an international financial affairs publication owned by the Financial Times. The publication surveyed bankers and economists, who singled out Ligi’s ability to control the state budget deficit even in severe economic conditions.

They believe this is a notable achievement, especially in the case of Estonia, as it helped the state to comply to the criteria necessary to join the eurozone and head towards economic growth.
According to the Banker, the award shows trust of the international markets towards the minister.

“Estonian financial policy has been recognized as a successful one for the second time already in a short period of time. This time it’s among the EU states, once more testifying for our eligibility to be a eurozone member. I am especially glad this does not evolve only around the currency, but also turns its attention to the economic and financial state of Estonia,” responded Ligi.
In October 2010, the London-based magazine Emerging Markets ranked Ligi ‘Finance Minister of the Year for Emerging Europe 2010,’ citing his ability to steer Estonia’s economy “from severe recession to recovery and – against all odds – euro accession.”
Emerging Markets describes Ligi as the finance minister who channeled the Estonian economy from the grave fall, to an increase and into the euro area.

Ligi said that the award is recognition to the whole of Estonia for common efforts. “This award is one example out of many that the Estonian model of passing through the economic crisis is recognized as efficient and worthy of following,” said Ligi. “The majority of European states are moving in the same direction as Estonia.”
“This award is Estonia’s achievement, not mine in particular. It is for all those efforts that our country has made in general, for those hardships that Estonia has gone through. I consider that Estonia really deserves this award,” added Ligi. “If we had failed with the euro, it would symbolically have been a big loss – though I don’t think the opposition had any good alternatives.”
With the worst of the crisis seemingly over, Ligi’s new priority is a return to growth at a sustainable level to avoid a repeat of the Baltic bubble.

Commenting on Europe’s attention on Estonia, he says that “The general policy of consolidation in Europe is very Estonian-like, very Nordic-like. Things being done in Europe now are similar to what we have been doing so far. We often suspect that no one else knows where, or who, we are, because we are so small and young. But maybe now others have come around to our way of thinking.”

According to Emerging Markets, the award is just the latest instance of international praise for the manner in which Estonia showed Europe that serious fiscal and structural reforms were both needed and possible.