both this and next year. this is an important factor supporting productivity growth in the economy. let me now turn to euro adoption. the clear perspective of joining the euro area increases markedly estonia's credibility and serves as the main factor supporting our economy in the near future. we are likely to meet the numerical values of the maastricht criteria by the end of 2009 and estonia expects to join the euro area in 2011, in full accordance with the treaty provisions. it is clear that in order to adopt the euro, the key issue of estonia's fiscal policy is ensuring sustainable public finances in the next years. looking at longer - term growth potential, it would be advisable not to achieve this by excessive increases in the tax burden. finally, the way out from the current crisis depends critically on further strengthening of the eu single market for goods, services and production factors ( including capital, labour and know - how ). to conclude i would like to assure that eesti pank is always open for your inquires and cooperation. thank you for your attention!

developed the liquidity, infrastructure and ecosystem that are capable of serving the financing, investment and risk management needs of corporates and investors alike. there are many factors behind the success of hong kong as a china gateway and an offshore rmb hub. our " one country, two systems " institutional arrangement is critical : it facilitates cross - boundary cooperation between mainland and hong kong authorities, while allowing hong kong to maintain a market environment that is familiar to market participants from the rest of the world. 2 / 5 bis - central bankers'speeches the design of these products and service offerings are also conducive to international participation. investors using these connect schemes can continue to follow common offshore market practices and rules that they are accustomed to, and leveraging their established legal and operational set - ups in hong kong, without the need to open onshore accounts and engage onshore agents. all these are familiar factors. i would, however, argue that hong kong's robust regulatory regime has played a crucial, if understated role. for our fellow mainland regulators, the various connect schemes in effect allow investors that are not directly under their purview to access the mainland market. mainland authorities would need to have confidence that such investors are properly regulated in hong kong. consider how much emphasis that mainland authorities put in market stability and order, the trust that they have in hong kong's regime is remarkable. likewise for international investors : the fact that they are now investing in a market – the mainland market – without actually having connected to that market shows how much they trust that hong kong regulators have done their homework for them, and that we will make sure that their interest is well - protected and the investment channel will run in an orderly manner. our robust regulation is what underpins this trust and in turn, our success as the hub for all things china. ( ii ) tech and innovation tech and innovation is another area that i believe regulation and market development are complementary and can feed into each other in a virtuous cycle. this is particularly the case for virtual assets. there was a time when virtual assets and the so - called cryptocurrencies were seen as a way to escape from the reach of governments and regulation. some continue to hold this belief, but they are now a minority. two reasons explain this. first is some high profile failures in the industry. many of the causes behind the failures - poor governance, misuse of client assets, etc. – are not new and are exactly the