Abstract:

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, but also 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 and Estonian experience is valuable from the wider future perspective as it offers experience and answers as to whether extreme austerity is an efficient solution to counter a financial crisis, the economic and social costs it includes, the best administrative practices too be suggested when implementing austerity and some hints how to implement unpopular austerity politically.