Estonia Eurozone. The European Union Agency for large-scale IT systems is based in Tallinn, which started operations at the end of 2012. Estonia held the Presidency of the Council of the European Union in the second half of 2017. Since the early 1990s, Estonia has been involved in active trilateral Baltic states co-operation with Latvia and Lithuania, and Nordic-Baltic co-operation with the Nordic countries. The Baltic Council is the joint forum of the interparliamentary Baltic Assembly and the intergovernmental Baltic Council of Ministers. Estonia has built close relationship with the Nordic countries, especially Finland and Sweden, and is a member of
Economy of Estonia for Latvia. Estonia today is mainly influenced by developments in Finland, Russia, Sweden and Germany – the four main trade partners. The government recently greatly increased its spending on innovation. The prime minister from the Estonian Reform Party has stated its goal of bringing Estonian GDP per capita into the top 5 of the EU by 2022. However, the GDP of Estonia decreased by 1.4% in the 2nd quarter of 2008, over 3% in the 3rd quarter of 2008, and over 9% in the 4th quarter of 2008. The Estonian economy further contracted by 15.1% in the first quarter of