Eurosystem and ESCB
Eesti Pank is a member of the Eurosystem since 1 January 2011. This means that twice a month, the Governor of Eesti Pank attends, together with other governors of euro area central banks, the meetings of the Governing Council of the European Central Bank and that the representatives of Eesti Pank participate as full members in the committees and substructures of the Eurosystem.
The Governing Council of the European Central Bank (ECB) is the main decision-making body in the Eurosystem. The Governing Council formulates the monetary policy in the euro area and makes decisions related to the Eurosystem’s other tasks. Four times a year, the Governor of Eesti Pank attends, together with other governors of the central banks of the European Union, the meetings of the General Council of the ECB.
Day-to-day work takes place in the seventeen committees of the Eurosystem and the European System of Central Banks, and their substructures. The committees and working groups prepare the work of the decision-making bodies, the Governing Council and the General Council of the ECB. The committees cover all fields of central banks’ responsibilities. In addition to committees, several high-level cooperation groups have been set up to implement major joint projects.