Today, 12 December, Deputy Governor of Eesti Pank Andres Sutt participated in the panel discussion "The Nation State & the Global Corporation" held at the 34th annual conference of the European International Business Academy, where he spoke about the globalised world and the financial crisis.

"Owing to globalisation, different countries of the world have become closely connected, which has increased both welfare and the dependence of various economic areas on each other." Andres Sutt said that Estonia has won a lot from the globalisation process. Owing to the country's open economy and stable economic environment, foreign investment in Estonia has hiked during the past ten years and there occurred a rapid catching-up with the advanced economies.

"The crisis that has hit the global financial markets is extraordinarily far-reaching and has thus required extraordinary measures and extensive state intervention. It is vital to ensure the functioning of financial markets and restore interbank confidence. The financial crisis has laid the foundation for protectionism and this needs to be resisted. Supporting free trade and continuing with financial integration help restore global economic growth," Sutt said.