Cooperation with international monetary and financial institutions and other national central banks claims a very significant place in the work of Eesti Pank. All the central bank’s principal fields of activity and most of the staff are involved in that. The central bank’s international communication plays an important role in protecting Estonia’s economic policy interests and in explaining issues related to the country’s economic developments to the international public and foreign investors.
Communication with the European institutions makes up a bulk of Eesti Pank’s international relations. Since 1 January 2011, when the central bank became a member of the Eurosystem, partnership with other euro area NCBs and the European Central Bank enhanced in all areas. Central banks in the European Union also participate in several committees and working groups of the Council of the European Union and of the European Commission.
As a result of the introduction of the new financial supervision system in the European Union, the European Systemic Risk Board (ESRB) and the European Banking Authority were launched on 1 January 2011. The ESRB is responsible for the macro-prudential supervision of the financial system and central banks have an important role in the activities of the ESRB. EBA involves mostly Member States’ institutions dealing with banking supervision (in Estonia, it is the Financial Supervision Authority). Eesti Pank participates as an observer in the EBA’s Board of Supervisors.
In addition to European institutions, Eesti Pank deems it important to participate in the work of other international institutions. The most important arena for Eesti Pank’s participation in global economic and financial cooperation is the International Monetary Fund. The central bank represents Estonia in the International Monetary Fund (IMF) and pays for Estonia’s quota subscription. In addition, Eesti Pank also participates in the work of the Bank for International Settlements (BIS) and the Organisation for Economic Cooperation and Development (OECD).
Nordic and Baltic central banks hold a special place among Eesti Pank’s partners. Estonia forms a constituency with these countries in the IMF and the World Bank, and cooperates with them in financial sector issues (see section Safeguarding financial stability).
Eesti Pank also provides technical assistance, focusing on advising the central banks of EU candidate countries.