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President of the Riigikogu Ene Ergma participated in the meeting of Speakers of the Nordic and Baltic Parliaments (NB8) in Reykjavik. The main speech of the meeting on melt-down of Iceland’s banking was delivered by Páll Hreinsson, Supreme Court Judge and Chairman of the Investigation Committee created by Althing, the Parliament of Iceland.

According to Mr Hreinsson, the main reason for unleashing of the crisis was weak fiscal control, insufficient information and banks bonus system. The crisis could have been avoided if the state interfered earlier. Interference in 2008 was too delayed and of less effect. To prevent similar crisis and financial system collapse in the future, the independent and efficient financial control system and balanced regulations established by the legislator should exist.
Report of the committee in English is available at: http://sic.althingi.is/
A joint visit of the Presidents of the Nordic and Baltic Parliaments to Washington in May; acute issues in the work of parliaments, developments in High North and involvement of Russia in this region were also under discussion. New maritime routes in the Arctic region create new possibilities but also present new challenges.
In August of next year the leaders of the Nordic and Baltic Parliaments will convene in Estonia to celebrate 20 years since Estonia regained its independence.
20 August 2010
The Riigikogu Press Service