natgillin/translations-raw huggingface dataset:
In any case, our strategic choice two decades ago to tie our currency first to the DM, then to the euro, and a clear determination to never change this peg, meant that our macroeconomic environment was already very similar to that of a euro area member, and that the extra step towards full euro area membership would only be logical and natural.
In any case, our strategic choice two decades ago to tie our currency first to the DM, then to the euro, and a clear determination to never change this peg, meant that our macroeconomic environment was already very similar to that of a euro area member, and that the extra step towards full euro area membership would only be logical and natural.
Let me now turn to the process.
Let me now turn to the process.
When discussing such currency reforms, we often speak in terms of the date on which this takes place, which can leave the impression of a single event which suddenly brings great changes.
When discussing such currency reforms, we often speak in terms of the date on which this takes place, which can leave the impression of a single event which suddenly brings great changes.
In fact, the process element is crucial.
In fact, the process element is crucial.
We have been on a given path for 20 years, and we will be on this path for another few decades.
We have been on a given path for 20 years, and we will be on this path for another few decades.
Therefore, it is many small steps that contribute and the actual date of conversion is somewhat less of an event.
Therefore, it is many small steps that contribute and the actual date of conversion is somewhat less of an event.
It is important, but especially if you have been tied to the euro for a very long period of time.
It is important, but especially if you have been tied to the euro for a very long period of time.
It is of crucial importance that a country’s economic policy mix as a whole is credible and consistent.
It is of crucial importance that a country’s economic policy mix as a whole is credible and consistent.
Based on our own experience, we can say that much of the impact was already felt even before formal euro accession in terms of the investment flows and in terms of the restoration of confidence.
Based on our own experience, we can say that much of the impact was already felt even before formal euro accession in terms of the investment flows and in terms of the restoration of confidence.
Finally, what have been some of the experience over the last more than two years?
Finally, what have been some of the experience over the last more than two years?
The precise impact of the adoption of the euro is very hard to determine as there were so many other things going on, most notably the global financial crisis.
The precise impact of the adoption of the euro is very hard to determine as there were so many other things going on, most notably the global financial crisis.
Future generations of economists, with the benefit of hindsight and data will be better placed than us to make a firm evaluation of costs and benefits.
Future generations of economists, with the benefit of hindsight and data will be better placed than us to make a firm evaluation of costs and benefits.
Nevertheless, we can point to several positive developments which appear to be related to the broader agenda of reforms and policies, including euro adoption.
Nevertheless, we can point to several positive developments which appear to be related to the broader agenda of reforms and policies, including euro adoption.
Most notably, the Estonian economy has successfully weathered a fragile global economy and come through the uncertainties within the euro area.
Most notably, the Estonian economy has successfully weathered a fragile global economy and come through the uncertainties within the euro area.
Over the last few years, our export sector has led the economy to a path of relatively rapid and well-balanced growth.
Over the last few years, our export sector has led the economy to a path of relatively rapid and well-balanced growth.
That has, in turn, created the scope for a still quite significant contribution from domestic demand to growth.
That has, in turn, created the scope for a still quite significant contribution from domestic demand to growth.
Indicators of better balance include a much lower current account deficit, better consistency between productivity and wages and lower private sector indebtedness.
Indicators of better balance include a much lower current account deficit, better consistency between productivity and wages and lower private sector indebtedness.
These improvements, along with sound fiscal policy, have increased trust in the Estonian economy and, furthermore, made it more resilient to economic shocks than before the crisis.
These improvements, along with sound fiscal policy, have increased trust in the Estonian economy and, furthermore, made it more resilient to economic shocks than before the crisis.
Turning to some other indicators, the output level in our manufacturing sector already exceeded pre-crisis levels in 2011.
Turning to some other indicators, the output level in our manufacturing sector already exceeded pre-crisis levels in 2011.
Our exports are now at record levels.
Our exports are now at record levels.
Compared to the third quarter of 2009, they have grown by 67%.
Compared to the third quarter of 2009, they have grown by 67%.
Investments have also rebounded, becoming the fastest growing component of domestic demand.
Investments have also rebounded, becoming the fastest growing component of domestic demand.
Over the last two years, our GDP has grown robustly and somewhat faster than we had expected, by around 8% in 2011 and about 3.2% last year.
Over the last two years, our GDP has grown robustly and somewhat faster than we had expected, by around 8% in 2011 and about 3.2% last year.
This is lower than the rates we would like to see in more normal times, and slower than the rate which Latvia achieved last year, but still a very respectable outcome given the state of the world economy.
This is lower than the rates we would like to see in more normal times, and slower than the rate which Latvia achieved last year, but still a very respectable outcome given the state of the world economy.
By now, we have recovered to about 95% of our somewhat unsustainable pre-crisis level.
By now, we have recovered to about 95% of our somewhat unsustainable pre-crisis level.
As a result, our unemployment rate has fallen steadily, most recently to 9.3%, which is lower than the euro area average.
As a result, our unemployment rate has fallen steadily, most recently to 9.3%, which is lower than the euro area average.
Our employment has risen to about the same level as it was in the middle of the boom period.
Our employment has risen to about the same level as it was in the middle of the boom period.
Clear positive impacts are also evident in the financial sector.
Clear positive impacts are also evident in the financial sector.
Joining the euro area removed any remaining risk of devaluation, working to lower interest premia, which are now near Nordic levels.
Joining the euro area removed any remaining risk of devaluation, working to lower interest premia, which are now near Nordic levels.
Access to eurosystem liquidity support has decreased the risk of sharp interest rate fluctuations and sudden stops in capital inflows.
Access to eurosystem liquidity support has decreased the risk of sharp interest rate fluctuations and sudden stops in capital inflows.
The reduction in costs stemming from the equalized charges for domestic and cross-border settlements has brought measurable savings.
The reduction in costs stemming from the equalized charges for domestic and cross-border settlements has brought measurable savings.
Homeowners have benefited from the elimination of the financial risks which come from earning income in one currency and repaying their mortgage in another currency.
Homeowners have benefited from the elimination of the financial risks which come from earning income in one currency and repaying their mortgage in another currency.
Consumers and businesses have benefited from being able to easily compare prices, and from the reduction in currency conversion costs.
Consumers and businesses have benefited from being able to easily compare prices, and from the reduction in currency conversion costs.
Finally, let me make a few remarks about inflation.
Finally, let me make a few remarks about inflation.
Fears are regularly expressed about the possible inflationary impacts of euro adoption.
Fears are regularly expressed about the possible inflationary impacts of euro adoption.
Our evidence suggests that this was positive but very small and one-off, similar to what was seen in older euro area members where euro introduction effects accounted for about 0.2-0.3% one-off increase in prices, mostly in services sectors, but no measurable effect on inflationary expectations or in terms of core inflation.
Our evidence suggests that this was positive but very small and one-off, similar to what was seen in older euro area members where euro introduction effects accounted for about 0.2-0.3% one-off increase in prices, mostly in services sectors, but no measurable effect on inflationary expectations or in terms of core inflation.
Over the past few years, our inflation has indeed been higher but we believe that this can be largely explained by a range of other factors not directly related to euro adoption, including the catching-up effect, commodities prices, the specific timing of changes in tax policy, and so on.
Over the past few years, our inflation has indeed been higher but we believe that this can be largely explained by a range of other factors not directly related to euro adoption, including the catching-up effect, commodities prices, the specific timing of changes in tax policy, and so on.
Most importantly, the ECB has built up a very strong track record in keeping inflation in the euro area near our targeted level, and our commitment to continue on this path is very strong.
Most importantly, the ECB has built up a very strong track record in keeping inflation in the euro area near our targeted level, and our commitment to continue on this path is very strong.
In conclusion, Estonia’s two-year euro area experience has affirmed our belief that our place is within the euro area, not outside.
In conclusion, Estonia’s two-year euro area experience has affirmed our belief that our place is within the euro area, not outside.
Our economy, which once was very much out of balance, is now in balance and developing about as well as could be expected in difficult circumstances.
Our economy, which once was very much out of balance, is now in balance and developing about as well as could be expected in difficult circumstances.
Furthermore, and this is very crucial, opinion polls show that public support for the euro appears to be rising and has clearly been above 50%.
Furthermore, and this is very crucial, opinion polls show that public support for the euro appears to be rising and has clearly been above 50%.
If one also considers recent improvements in the outlook for the euro area as compared to 6 or 12 months ago, I believe the support will continue rising in the future.
If one also considers recent improvements in the outlook for the euro area as compared to 6 or 12 months ago, I believe the support will continue rising in the future.
Never in our history has Estonia been engaged in shaping Europe to such an extent.
Never in our history has Estonia been engaged in shaping Europe to such an extent.
We have a say in the processes affecting us, from monetary policy decisions to the euro area’s future.
We have a say in the processes affecting us, from monetary policy decisions to the euro area’s future.
For us, it is a matter of economic security, future prosperity and international credibility.
For us, it is a matter of economic security, future prosperity and international credibility.
But the need to follow a reliable and sustainable economic and fiscal policy does not disappear with the adoption of the single currency, but rather the opposite, and this is one of the key issues in an economic and monetary union.
Usaldusväärse ning jätkusuutliku majandus- ja eelarvepoliitika elluviimine ei lõpe aga ühisraha kasutuselevõtuga, vaid pigem vastupidi – see on majandus- ja rahaliidu üks võtmeküsimusi.
The difficulties of recent years in the euro area are proof of this", he said.
Viimaste aastate euroala raskused on selle tõestuseks,“ rääkis Ardo Hansson.
Hansson pointed out that is hard to calculate the economic impact of the transition to the euro, as this will only become clear after a long time, and anyway there are many other factors that can affect an economy.
Hansson tõi esile, et eurole ülemineku majanduslikku mõju on raske välja arvutada, sest see avaldub pika aja jooksul ja lisaks sellele mõjutavad majanduse arengut ka paljud muud faktorid.
"There have been significant positive events, and these are mainly related to various economic policy reforms, including the adoption of the euro", he explained.
„Positiivsed suundumused on märgatavad ja peamiselt on need seotud erinevate majanduspoliitiliste reformidega, mille hulka kuulub ka euro kasutuselevõtt,“ ütles Hansson.
He agreed that joining the euro area had had an effect on Estonian inflation, but added that assessments by both Eurostat and the central bank show that price rises were one-off events and only small.
Hanssoni sõnul mõjutas euroalaga liitumine Eesti inflatsiooni, kuid nii Eurostati kui ka keskpanga hinnangud näitasid, et mõju hinnatõusule oli ühekordne ja väike.
"Core inflation and inflation expectations in Estonia did not change", he noted.
„Alusinflatsioon ja inflatsiooniootused Eestis ei muutunud,“ märkis Hansson.
"Latvia's efforts to bring the budget into balance and to strengthen that balance, and the way the country coped with the crisis deserve great praise from the countries of the euro area.
„Läti sammud eelarvepoliitika tasakaalu viimiseks ja tugevdamiseks, samuti toimetulek kriisiga pälvib euroala riikide seas suurt tunnustust.
Latvia's experience offers clear proof of how efforts in the short-term to balance the budget and to carry out structural reform pay off in the long run with the benefits they bring.
Läti kogemus on selgeks tõestuseks sellest, kuidas lühiajalised pingutused eelarve tasakaalustamiseks ja struktuursete reformide läbiviimiseks tasuvad end pikemas perspektiivis positiivsete mõjude näol ära.
If Latvia can meet all the criteria, it could be the next country to join the euro area" he concluded.
Kui Läti täidab vastavad kriteeriumid, võib ta saada järgmiseks euroala riigiks,“ ütles Eesti Panga president.
Ardo Hansson's speech will be published in Estonian on the Eesti Pank website during the day.
Ardo Hanssoni kõne avaldatakse Eesti Panga kodulehel päeva jooksul.
"Estonian exports have seen growth continue in recent years in most types of products, and although the circumstances vary in different target countries, the outlook for the future is promising.
„Eesti ekspordi kasv on viimasel ajal jätkunud enamikes kaubagruppides ja kuigi sihtriigiti on olukord erinev, on väljavaated ka edaspidiseks lootustandvad.
Confidence has returned to an extent in Estonia's main trading partners and an acceleration in economic growth is forecast in various regions of the world" he said.
Eesti peamiste kaubanduspartnerite kindlustunne on mõnevõrra paranenud ja maailma erinevais regioonides prognoositakse majanduskasvu kiirenemist,“ rääkis Müller.
He added that the areas with fastest growth are far from Estonia, and that companies looking for rapid growth in demand in the next few years should look beyond Europe.
Ta lisas, et kiirema kasvuga piirkonnad jäävad siiski Eestist kaugemale ja ettevõtted peavad lähiaastatel nõudluse kiiremat kasvu otsima Euroopast kaugemalt.
The financial crisis is clearly not yet over and the readiness of companies for change will be very important in planning for the future.
Madis Müller viitas, et finantskriis pole siiski veel möödas ja ettevõtete valmisolek muutusteks on edasiste plaanide tegemisel oluline.
The Estonian economic environment is very open to foreign trade, and this means that all changes impact on companies here very quickly.
Eesti majanduskeskkond on väliskaubandusele väga avatud ja seega jõuavad kõik muutused ka kiirelt ettevõtjani.
"Estonian companies are small in international terms, which means they can be flexible and can adapt quickly to changing circumstances.
„Eesti ettevõtted on rahvusvahelises võrdluses väikesed, mis võimaldab neil olla ka paindlikud ja kiiresti kohaneda muutuvate oludega.
Given the great importance of foreign trade in our economy, there really is no alternative to adapting rapidly.
Arvestades väliskaubanduse suurt osatähtsust meie majanduses, pole kohanemisvõimele tegelikult ka alternatiivi.
Estonia's experience of the crisis shows clearly that it is possible to gain market share even in the toughest times", Müller said, underlining the strength of Estonian companies.
Kriisiaastate Eesti kogemus näitab selgelt, et ka halvematel aegadel on võimalik turuosa võita,“ tõi Eesti Panga asepresident esile Eesti ettevõtete tugevusi.
He emphasised that a changing environment favours companies that have low fixed costs.
Ta rõhutas, et muutuv keskkond soosib ettevõtteid, kelle püsikulude tase on madal.
"Companies that are starting up and rapidly growing are able to take particular advantage of their low fixed costs.
„Just püsikulude madalat taset saavad eelisena kasutada alustavad ja kiiresti kasvavad ettevõtted.
It is inevitable that wages will continue to rise, given the shortage of labour in Estonia, but it is important to make sure that wages do not increase faster than productivity.
Eesti tööjõu nappuse tingimustes on paratamatu, et palgakasv jätkub, kuid seejuures on oluline tagada, et palgakasv ei ületaks tootlikkuse kasvu.
The number of foreign visitors was almost the same as in 2011, while the number of journeys by Estonian residents was 2% higher.
Väliskülaliste arv muutus 2011. aastaga võrreldes väga vähe, samas kui eestlaste reiside arv suurenes 2%.
Foreign visitors spent 947 million euros on various goods and services in Estonia, and Estonian travellers purchased travel services and goods abroad worth 607 million euros.
Väliskülalised kulutasid Eestis mitmesugustele kaupadele ja teenustele kokku 947 miljonit eurot, Eesti elanikud tarbisid välismaal reisiteenuseid ja ostsid kaupu 607 miljoni euro eest.
In 2012 the structure of visits to Estonia changed.
2012. aastal muutus Eestit väisanud külastajate struktuur.
In 2011 Tallinn was the European capital of culture and the summer was warm, and this brought a record number of visitors to Estonia from countries of the European Union.
2011. aastal meelitas Tallinna Euroopa kultuuripealinna staatus ja soe suvi Eestisse rekordiliselt palju külalisi Euroopa Liidu riikidest.
The following year the number of visitors from those countries dropped by almost 7%, with the number coming from Finland, Estonia's most important partner in travel, down by 3% and the numbers from the other EU countries down by an average of over 10%.
2012. aastal kahanes sealt pärit külastuste arv aga ligi 7%, sh olulisemast partnerriigist Soomest 3% ning teistest Euroopa Liidu riikidest keskmiselt üle 10%.
At the same time, the number of visitors from Russia was up by 31% and from other CIS countries by 27%.
Samal ajal suurenes Venemaalt ja teistest SRÜ riikidest pärit külastuste arv vastavalt 31% ja 27%.
This helped reduce the seasonal fluctuations in the tourism sector in the first and fourth quarters and to increase occupancy rates in accommodation establishments in Estonia.
See aitas I ja IV kvartalis vähendada hooajalisust Eesti turismisektoris ja suurendada Eesti majutusasutuste hõivatust.
A little over half of all visitors stayed overnight, and the length of the average stay was four days.
Ööbivad külastajad moodustasid veidi üle poole külastajate üldarvust ja keskmine külastusaeg oli 4 päeva.
The number of trips abroad made by Estonian residents increased by 2% in 2012 and a total of 3.8 million visits were made to various foreign countries.
Eestlaste välisreiside arv kasvas 2012. aastal 2% ja erinevaid riike külastati kokku üle 3,8 miljoni korra.
The number of trips abroad and the number of foreign countries visited are not the same, as one trip abroad may include visits to several different countries.
Välisriikide külastamiste arv ei lange kokku reiside arvuga, sest ühel välisreisil võib külastada mitut välisriiki.
Earlier research has shown that the average number of foreign countries visited in each trip abroad is 1.7.
Varasema uuringu kohaselt külastati ühel välisreisil keskmiselt 1,7 riiki.
Most visits by Estonian residents were to countries in the European Union, and there were 13% more of them than in 2011, with a total of 2.9 million, of which more than one million were to Finland.
Eestlased külastasid enim Euroopa Liidu riike, kokku 2,9 miljonit korda (sh Soomet üle 1 miljoni korra), mis on 13% rohkem kui 2011. aastal.
The next most popular destination was Russia, which was visited 424,000 times, or 29% less than in the previous year.
Järgnes Venemaa 424 000 külastusega, mida on võrreldes aastatagusega29% vähem.
Other popular destinations that were visited more than 100,000 times by people from Estonia were Latvia, Sweden, Germany and Lithuania, and for the first time Poland and Norway.
Populaarsemate sihtriikide hulka, kuhu eestlased tegid enam kui 100 000 külatust, jõudsid Läti, Rootsi ja Saksamaa ja kõrval uute riikidena ka Leedu ja Norra.
Of all the visits made, 70% were for more than one day.
Mitmepäevareisid välismaale moodustasid 70% kõikidest külastustest.
Single day trips were mostly made to the neighbouring countries Russia, Finland and Sweden.
Ühepäevareise tehakse rohkem naaberriikidesse Venemaale, Soome ja Rootsi.
Eesti Pank uses the statistics about foreign travel in calculating exports and imports of travel services for the balance of trade figures.
Eesti Pank kasutab välisreiside statistikat maksebilansi reisiteenuste ekspordi- ja impordinäitajate arvutamisel.
Preliminary estimates show that 947 million euros of travel services were exported in 2012 by foreign visitors buying goods and services in Estonia, which was 6% more than in the previous year.
Esialgsete hinnangute kohaselt eksporditi 2012. aastal reisiteenuseid (s.t väliskülalised ostsid Eestis kaupu ja teenuseid) 947 miljoni euro eest, mis tähendab ligi 6%st aastakasvu.
As the total number of foreign visitors grew by only 0.5%, this growth in exports came mostly from changes in the structure of foreign visitors between overnight and same-day visits, and between tourists from Russia and from the EU, and also from price rises in Estonia.
Kuna väliskülastajate koguarv suures 0,5%, siis tulenes ekspordikasv suures osas külastajate struktuuri muutustest (mitmepäevakülastused vs ühepäevakülastajad, Venemaalt vs Euroopa Liidu riikidest pärit külastajad) kui ka hinnakasvust Eestis.
Imports of travel services by Estonian residents purchasing goods and services abroad were preliminarily estimated at 607 million euros for 2012, which is 5% more than in 2011.
Reisiteenuste import (Eesti elanike kaupade ja teenuste ostud välismaal) oli esialgse hinnangu järgi 2012. aastal 607 miljonit eurot, mis on 5% suurem kui 2011. aastal.
More detailed information can be found on the Eesti Pank website under International travel statistics.
Üksikasjalikum info välisreiside kohta on kättesaadav Eesti Panga veebilehel välissektori statistika rubriigis.
The methodology for collecting International travel statistics was designed by researchers at Eesti Pank and the University of Tartu in partnership with OÜ Positium LBS.
Välisreiside statistika kogumise metoodika valmis Eesti Panga ja Tartu Ülikooli teadlasi kaasava OÜ Positium LBS koostöös.
The mobile positioning data are collected and processed by OÜ Positium LBS, which gets the data from the mobile phone network operators in an anonymised form so as to protect fully the privacy of the telephone users.
Mobiilpositsioneerimise andmeid kogub ja töötleb OÜ Positium LBS, kes saab telefonioperaatorite andmed anonüümselt, mis tagab telefonikasutajate täieliku privaatsuse.