Mr. Vjaceslavs Dombrovskis:

The main problem of the crisis, though this may be an over-simplification, was a high inflow of funds into some economies, some reckless over-borrowing, concentrated in real estate and the resulting excessive construction in real estate. At the risk of over-simplifying, one could say that too many resources were put to work in one particular sector, such as construction. The basic problem is that many or most of the people involved need to requalify and find a job somewhere else, which is a concern. This is a problem that can hardly be solved by movements in currency. The problem is on the ground. People need to be helped to find their way into another industry. This means, of course, we need to help industry create jobs for these people.