By Carlos Brandão Cavalcanti, World Bank. Europe and Central Asia Region. Poverty Reduction and Economic Management Unit
"Economic integration that results in the convergence of earning and residing criteria is on the center of the ecu accession method. the belief is that alternate integration mixed with institutional harmonization will result in sustainable capital flows from ecu Union member nations to acceding nations ...'" Estonia's case for accession is outfitted, to a wide volume, on a checklist of sound fiscal administration. certainly, seeing that regaining independence in 1991, Estonia has effectively carried out a wide time table of stabilization and structural reform regulations. This dedication to sound financial administration has yielded confident effects. although, at the moment, Estonia is experiencing a pointy financial slowdown because of significant exterior shocks, the Asia and Russia crises. This kingdom learn emphasizes parts the place there's maximum overlap among the accession time table and measures to bolster fiscal administration. those parts of overlap comprise upgrading monetary region supervision and strengthening price range administration. additionally it is reforms in components the place there's complementarity among reforms designed to facilitate accession and structural reforms that might aid long term development and monetary integration. those are the modernization of public management, the adherence to european caliber criteria, the continual development of the operations of the customs board, and the of entirety of land reform. eventually, the final chapters of the examine study components the place imposing the accession time table entail both a primary swap in Estonia's exchange coverage regime, or have excessive compliance expenditures. those are the adoption of the EUs universal Agricultural coverage (CAP), because it evolves, and complying with ecu environmental criteria.
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Extra info for Estonia: implementing the EU accession agenda
Preparing Agriculture for Accession Trade integration with the EU is also of major importance for Estonian agriculture. At present, the EU accounts for over 50 percent of Estonia's agricultural and food imports, but less than one-third of exports. Over two-thirds of agricultural and food exports are bound to markets in the East and to neighboring Baltic countries. Success in preparing the agricultural sector for Page xv EU accession will hinge therefore on developing an agricultural system that is competitive in world markets.
The report was prepared under the guidance of Mr. Marcelo Selowsky, Chief Economist; Mr. Basil Kavalsky, Country Director; Mr. Pradeep Mitra, Sector Director; and Mr. Kyle Peters, Sector Leader. 064 Abbreviations and Acronyms AP Accession Partnership BOE Bank of Estonia CAP Common Agricultural Policy CAR Capital Adequacy Ratio CEEC Central and Eastern European Countries CIS Commonwealth of Independent States CSCS Council of Senior Civil Servants DEM Deutsche Mark EA European Agreement EAGGF European Agricultural Guidance and Guarantee Fund EBRD European Bank for Reconstruction and Development ECD Estonian Central Depository EC European Commission EEK Estonian Kroon EIB European Investment Bank EIO European Integration Office EU European Union EUR Euro FTA Free Trade Agreement GDP Gross Domestic Product ISPA Instrument for Structural Policies for Pre-accession LIBOR London Interbank Offered Rate NPAA National Program for the Adoption of the Acquis OECD Organization for Economic Cooperation and Development PHARE Poland and Hungary: aid for economic restructing PPI Producer Price Index PPP Purchasing Power Parity SAPARD Support for Pre-accession in Agriculture and Rural Development SEB Skandinaviska Enskilda Banken SMD Single Market Program TALIBOR Tallinn Interbank Offered Rate TSE Tallinn Stock Exchange WTO World Trade Organization Fiscal Year January 1 to December 31 Vice President:Johannes LinnCountry Director:Basil KavalskySector Director:Pradeep MitraSector Leader:Kyle PetersTeam Leader:Carlos Cavalcanti Page vii Executive Summary Economic integration that leads to the convergence of incomes and living standards is at the heart of the EU accession process.
At present, the EU accounts for over 50 percent of Estonia's agricultural and food imports, but less than one-third of exports. Over two-thirds of agricultural and food exports are bound to markets in the East and to neighboring Baltic countries. Success in preparing the agricultural sector for Page xv EU accession will hinge therefore on developing an agricultural system that is competitive in world markets. The rapid completion of structural reforms in agriculture is the most effective way of achieving this objective.
Estonia: implementing the EU accession agenda by Carlos Brandão Cavalcanti, World Bank. Europe and Central Asia Region. Poverty Reduction and Economic Management Unit