Former central bank chief: Coronavirus crisis will not change much

Former Bank of Estonia governor Ardo Hansson.
Former Bank of Estonia governor Ardo Hansson. Source: Siim Lõvi /ERR

The fallout from the coronavirus pandemic is quite modest compared with previous global pandemics and disasters, says former Bank of Estonia chief Ardo Hansson. The crisis will soon go the way of all things, since people have short memories, he added.

Speaking to daily Postimees (link in Estonian), Hansson said that while the crisis has had severe economic effects in the short term, particularly on business and employees, this will be recovered.

"In most cases, life will recover to the leve it was a few months ago," Hansson said.

"We will continue to spend on consumption. As social beings, we will go to restaurants, nightclubs, theaters, concerts and sports events again - without the 2 + 2 rule and face masks."

Lifestyles may change in future for other reasons, be they political, technological or climactic, but not as a result of the 2020 COVID-19 pandemic, Hansson, whose term as Bank of Estonia governor ended in June 2019 and who is likely to take on a supervisory board post at Estonian bank Coop next month, added.

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Editor: Andrew Whyte

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