Baltoscandia provided by the Panevėžys city municipality, but the functions of the academy did not meet the criteria of the functions of the mentioned municipality. The Nordic-Baltic Eight or "NB8", where 8 stands for the number of States (Estonia, Latvia, Lithuania, Iceland, Norway, Denmark, Finland and Sweden). Baltoscandia The Baltoscandian Confederation or Baltoscandia is a geopolitical concept of a Baltic–Scandinavian union (consisting of Sweden, Denmark, Norway, Iceland, Finland, Estonia, Latvia, and Lithuania). The idea was proposed by a Swedish professor Sten de Geer (1886–1933) in the journal "Geografiska Annaler" in 1928 and further developed by Professor (1893–1960), a Lithuanian scientist in
Estonia–Finland relations visiting Estonia. The excise tax on alcohol is lower in Estonia than in Finland, thus it is common to buy large volumes of alcohol when returning from Estonia: a study in 2014 indicated that 34% of alcohol sold in Estonia is bought by Finns. Finnish and Swedish investors are the largest foreign investors in Estonia. Both Finland and Estonia are members of the European Union, Schengen agreement and the Eurozone, freeing international travel and trade between the countries. Finland is Estonia's top import partner, accounting for over 15% total import value in 2012, as well as the second-greatest market for