Eesti Pank Strategy 2025-2028
Eesti Pank’s mission
Eesti Pank as a central bank of the euro area contributes to the sustainable development of the Estonian economy and to increased prosperity for Estonia by keeping inflation moderate, the financial sector stable, and cash circulation functioning.
Eesti Pank’s vision
Eesti Pank is an efficient and innovative organisation and is the most highly regarded authority in Estonia on questions of finance and the economy at the macro level. The positions and actions of Eesti Pank have an impact both in Estonia and abroad.
Strategic goals of Eesti Pank for 2025–2028
The goal of Eesti Pank’s operations is to maintain price stability and support other economic policy goals that align with it. The goals and core tasks are defined by law. To carry out its tasks successfully in future as well, the bank will need to keep up with changes in the environment that it works in. The Eesti Pank strategy for 2025-2028 describes the most important activities that must be done to handle the most significant changes in the operating environment of the bank.
- Changes to the structure of the economy and patterns of development, together with climate policy mean there are new dangers for the economy and the financial sector, but also new opportunities that we must consider.
- The deterioration in the security situation in Europe demands additional preparations so that Eesti Pank can continue to carry out its tasks successfully in a crisis.
- Rapid technological development offers new opportunities for working more productively and organising work more efficiently.
- The ageing of the population is affecting the economy in Europe and in Estonia, and also the staff of Eesti Pank.
1. 1. Eesti Pank carries out its tasks productively and efficiently, using more detailed data and new methodologies and technological solutions
To achieve this goal Eesti Pank is organising the data it uses and making them easier for analysts to use with new technological solutions. It is also improving the skills of the staff in using these solutions. Systematising existing data more efficiently and using new sources of data allows a better understanding of what is happening in the Estonian economy and the financial sector, and so allows monetary policy and macroprudential policy to be set in a changing operating environment, economic policy consultation to be provided to the government and the public, and support given to financial innovation. Using new methodologies and technological solutions helps Eesti Pank carry out other tasks of the central bank successfully, such as calculating the impact of climate change on the investment of Eesti Pank’s assets and on the implementation of the monetary policy of the Eurosystem, and ensuring that cash is satisfactorily available and accepted as a means of payment. Eesti Pank participates in the digital euro project together with the other central banks of the euro area with the goal of making the digital euro an additional functioning means of payment in Estonia if the operation of other electronic means of payments is interrupted.
What will the bank have achieved by 2028?
1.1. Eesti Pank has a new and holistically functioning organisation and infrastructure for the use of data.
1.2. Eesti Pank uses new technological solutions, including artificial intelligence, to do its work more productively and efficiently.
1.3. More detailed data mean that Eesti Pank has a deeper understanding of the competitiveness of the Estonian economy and the impact of climate policy on the economy and financial stability, which it can use for taking policy decisions and giving advice.
1.4. Eesti Pank takes account of the European Union’s climate targets when carrying out its core tasks.
1.5. Cash is secure, accessible and consistently accepted in points of sale as a means of payment.
1.6. Estonia is ready to start using new pan-European means of payment, including the digital euro.
2. 2. Eesti Pank is ready to carry out its tasks in the event of a crisis
The central bank must make constant efforts to ensure the operation of payments in cash circulation in a crisis, the preservation of Eesti Pank’s financial assets, and the operation of monetary policy transactions including the supply of liquidity support to banks. Carrying out these tasks needs Eesti Pank to increase its readiness within the organisation and ensure that cooperation with credit institutions, cash transporters, other state institutions, and international partners continues to function in a crisis.
What will the bank have achieved by 2028?
2.1. Eesti Pank’s critical processes function even in an emergency.
2.2. The operation and cyber security of Eesti Pank’s IT systems is ensured.
2.3. Eesti Pank is able to operate successfully in its role as coordinating institution for vital services in preparing for and resolving crises.
2.4. Eesti Pank is ready to carry out its tasks as a central bank in resolving economic and financial crises.
3. 3. Eesti Pank is constantly renewing as an organisation and is an attractive employer
Eesti Pank is already the leading centre of expertise in Estonia for economic and financial questions at the macro level, but the organisation needs constant renewal to retain its top specialists and attract the next generation. It is planned to develop further the environmental awareness of the organisation and its social responsibility. The target is to become a sustainable organisation and to be climate neutral by 2050. The principles of the green office have been applied since 2022 in order to reduce the carbon footprint, and the environmental impact of the central bank has been reduced consistently.
The current Eesti Pank Museum will be replaced in 2026 with a centre for visitors, education and discussion that will present the work of the central bank to the public and provide a contemporary environment for events that promote discussion about economic policy.
There may be financial risks to the execution of the core tasks of the central bank. Covering these risks means the financial independence of the central bank must be ensured through holding sufficient capital buffers.
What will the bank have achieved by 2028?
3.1. The people working at Eesti Pank are skilled and motivated.
3.2. Eesti Pank is an organisation that adapts to change and is focused on results.
3.3. The carbon footprint of Eesti Pank is 20% smaller than it was in 2023.
3.4. Sufficient income is earned from investing the reserves, and capital and risk buffers have been increased so they can cover operating costs over the long term and mitigate any risks from them.
3.5. The Rahamu centre for visitors, education and discussion has opened at Eesti Pank.