See also:

• Organisational values of Eesti Pank
• Central bank's accountability
• Strategic development plan for 2011-2013

The significance and role of Eesti Pank

The primary objective of Eesti Pank is to maintain price stability. Eesti Pank also supports the achievement of other economic policy objectives in accordance with the Treaty establishing the European Community.

The functions of Eesti Pank are:

   to help to define the monetary policy of the European Community and to implement the monetary policy determined by the Governing Council of the European Central Bank;

   to hold and manage the official foreign exchange reserves;

   to promote the smooth operation of the payment systems and the stability of the financial system;

   to participate in the development of the payment systems and the financial system;

   to regulate currency circulation, contribute to the issuance of euro banknotes and issue of euro coins;

   to compile the balance of payments of Estonia;

   collection and disclosure of statistics necessary for the performance of its functions;

   other functions of Eesti Pank arising from the law.

Eesti Pank is the central bank of the Republic of Estonia and a member of the European System of Central Banks.

Eesti Pank is an independent constitutional institution which is not subordinate to the government or any other executive power authority. Eesti Pank is not held liable for the financial liabilities of the state, nor is the state held liable for the financial liabilities of the central bank. The supervisory body of Eesti Pank is the Supervisory Board which may not comprise members of the government. This guarantees the central bank has the best possibilities of ensuring monetary and financial stability.