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Estonia Central Bank Chief Lipstok Advocates Joining Euro Rescue

Estonia should join the permanent euro rescue fund as the country addresses risks threatening the European economy, Estonia’s Central Bank Governor Andres Lipstok said.

The Supreme Court of the newest euro-area country is due to rule before July, on request from Justice Chancellor Indrek Teder, on whether the founding treaty of the European Stability Mechanism breaches the Baltic nation’s constitution.

“It is beneficial for Estonia to fully implement the EU’s strong financial stability framework,” Lipstok, also a member of the European Central Bank Governing Council, wrote in an opinion piece for the Postimees newspaper today. “Assistance is provided not to help out single countries, but to solve crises that are systemic and endanger the economy of the entire Europe, including Estonia,” he wrote. Lipstok urged the court to give a “fast and finite” assessment on the issue.

Teder said on March 12 a clause in the ESM treaty that allows a decision on financial assistance to member states to be made with an 85 percent qualified majority violates Estonia’s constitution. The treaty, signed Feb. 2 in Brussels, has yet to be ratified by Estonia’s parliament. Finance Minister Juergen Ligi said this month the treaty has a mechanism addressing Teder’s concerns.

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