The chairman of the governmental Isamaa Party, Helir-Valdor Seeder, predicts that the given crisis will change European Union budget rules currently in force.
"Something important in the EU's monetary politics will definitely change," Seeder wrote in an opinion piece in Postimees published on Thursday, April 2 (link in Estonian). The current unreasonable budget balance requirements and theoretical and unrealistic methods of calculating the growth potential of national economies need to be changed, he said.
"It is silly to establish similar budget balance requirements for countries like Estonia, who basically have a nonexistent national debt, and to Greece and Italy, who are in deep debt," Seeder noted.
"However, when other countries are supporting their companies and are taking loans, then Estonia can't be any different, otherwise we will put companies in a worse situation and make them unable to compete," he added.
The EU has strictly followed the compliance of the budget balance requirements, which are limiting the loans for the member countries. This hasn't stopped older member countries like Italy and France from collecting large debts. Estonia and the other newer EU members haven't been able to take loans at all, he said.
In the same article, Seeder criticized the EU's inability to take action against the spread of the coronavirus.
Editor: Roberta Vaino