The Economic Joke of the Day

From the ECB June monthly bulletin, page 19 (red markings are mine):

So the guys at the ECB try to praise the Baltic states for their very successful adjustment process, while, on the same page, they provide the employment situation which contradicts their brilliant analysis. This is really hilarious. And it is more hilarious when they say in the next paragraph that the bad employment situations is somehow due to emigration! So, it was never the peg to the Euro... it was emigration...

It looks like they are preaching macroeconomic orthodoxy for the sake of some indicators. They seem to forget that economics is the discipline which is supposed to help people live a better life, and this is certainly not the case given the way it is applied in the Baltic states.