Alexander Stubb

“Latvia serves as an example of a country that has managed to get out of a highly problematic situation. Those countries that put off austerity measures do not do the rigth thing. They must be carried out now and fast, because it is the only way to regain market confidence, followed by stability and growth,” says Alexander Stubb, Finnish European Affairs and Foreign Trade Minister.

“It is, of course, nice to live in a country that is seen as a model. It is exactly how many view Latvia and Finland today. We have different past, not quite the same systems, but similar problems. I would rather like to be Latvian than Greek,” he told the newspaper Latvijas Avize.

“Last year you were the fastest growing economy in the European Union. I think you have done a good and a responsible thing. You were at the edge of an abyss, just like Finland in the early 90s. Austerity measures were the only way out. I think that in this part of Europe, be it the Baltic or Nordic countries, people understand that you cannot live beyond your means,” Stubb says.

Asked whether new shocks could hit the European Union amid the Greek crisis, the politician points out that one can never know for sure what to expect.

“I would rather say that we have gone through three alarming years and now we are experiencing three relatively quiet months. But I do not think we should relax yet. We have adopted rules governing expenses, we have built a firewall around Greece and many European countries have carried out really tough austerity measures. Latvia is a great example of this. You implemented the most stringent austerity measures but still turned out to be the fastest growing economy last year. There are indeed many good news but it is still too early to celebrate,” he says.

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