Crisis Management for Public Sector During the European Financial Crisis: Lessons of Estonia in 2008-2011
Journal of Eastern Europe Research in Business and Economics, Vol. 2018, 2018, DOI: 10.5171/2018.563930
9 Pages Posted: 19 Apr 2018
Date Written: March 21, 2018
The austerity implementation experience of the Estonian Government during the European financial crisis has high value both in practical terms when improving preparations for future crises, and as a case for academic research, especially when compared with the other Baltic States and Visegrad countries. The crisis response was even more complicated as a simultaneous goal was set to fulfil Eurozone accession criteria. When studied carefully, the Estonian experience is valuable from the wider future perspective as it offers experience and answers to whether extreme austerity is an efficient solution to counter a financial crisis, the economic and social costs it includes, the best administrative practices to be suggested when implementing austerity and some hints how to implement unpopular austerity politically.
Keywords: European Union, Austerity, Public Sector, Financial Crisis
JEL Classification: E42, E58, G18, H12
Suggested Citation: Suggested Citation