Governor Madis Müller: the economy is going to recover slowly
Governor Madis Müller says a quick recovery in Estonian economy is not to be expected, as purchasing...

Higher interest rates are less of a problem than an overall rise in the cost of living says Madis Müller
High inflation becomes persistent in an economy if it becomes entrenched in the expectations of...

Eesti Pank forecasts that the full impact of the energy crisis is only starting to be felt by the economy
The latest economic forecast from Eesti Pank finds that consumption will be reduced by high...

Photographs and speech: President of the European Central Bank Christine Lagarde visits Estonia
The President of the European Central Bank Christine Lagarde visited Estonia on 4 November and gave...

The President of the European Central Bank will visit Estonia at the start of November
The President of the European Central Bank Christine Lagarde will visit Estonia on 4 November and...

Companies need to find their own formula for adapting says Ülo Kaasik
Deputy Governor of Eesti Pank Ülo Kaasik said that the ability of companies to adapt will be...

Both the central bank and the government need to take steps to combat inflation
The outlook for the Estonian economy depends above all on the future rate of inflation. Estonia has...

The broader impact on the economy of Russia’s war will be felt in the second half of the year
The Estonian economy started the year in a very strong position, but growth in it will slow. Growth...

One euro in ten that is spent under the state budget is not covered by revenues says Madis Müller
The central bank is reducing its monetary policy support for the economy because the boost to...

Speech by the Governor of Eesti Pank to the Riigikogu Presentation of the Annual Report of Eesti Pank for 2021
Honourable President of the Riigikogu, Distinguished Members of the Riigikogu. Once a year Eesti...

The road to recovery and the role of central banks Speech by Madis Müller, Governor of Eesti Pank, at the CFA Society Finland virtual Forecast Dinner
Dear fellow CFA charterholders, We have been living with the economic crisis caused by the...

The state of the economy and the role of the central bank in exiting the crisis
Madis Müller, Governor of Eesti Pank and member of the Governing Council of the European Central...

Monetary policy impacts the Estonian economy more than it does in the euro area on average
The latest research by Eesti Pank shows that the monetary policy of the Eurosystem affects growth...

Speech by the Governor of Eesti Pank to the Riigikogu Presentation of the Annual Report of Eesti Pank for 2019
Madis Müller Governor of Eesti Pank Honourable...

The cooling of the economy will slow growth in wages and prices
The latest economic forecast from Eesti Pank expects the economy to grow by 3% this year, and by...

Lecture by Ardo Hansson on the direct and indirect effects of euro area monetary policy
Governor Ardo Hansson gave a lecture to the Research Centre SAFE (Sustainable Architecture...

Last year was the most successful since the economic crisis
The economy was driven upwards mainly by a burst of growth in demand Increased investment is...

The risk of growth slowing because of the labour market overheating has increased
An improved external environment and higher productivity are boosting economic growth Rising...

Estonian economic growth in 2015 was the slowest of the past six years
Real household incomes and sales by companies in the domestic market have increased rapidly, but...

Interest rates – frequently asked questions (FAQ)
The joint goal of the central banks of the euro area is to maintain price stability. Price stability...

Participants and collateral
Participants in the monetary policy operations of the Eurosystem The monetary policy framework of...

Additional measures
Alongside the usual open market operations, asset purchase programmes have been in operation since...

Inflation - frequently asked questions (FAQ)
Who can control inflation and how? The European Central Bank can use monetary policy to...

Holding the minimum reserves at the central bank
Holding the minimum reserve at the central bank The requirement to hold minimum reserves is laid...

Roundtable at Eesti Pank
At the Your opinion counts roundtable, we want to hear what people and organisations think about...

Your opinion counts – a roundtable with Eesti Pank
Madis Müller Governor of Eesti Pank and member of the Governing...

Securities lending of Bank of Estonia PSPP holdings
The Bank of Estonia PSPP and PEPP holdings are available for securities lending. The counterparties...

Eesti Pank’s participation in the asset purchase programmes of the euro area

Monetary policy
Estonia joined the euro area at the beginning of 2011. The Eurosystem, which is made up of the...

Central bank reserves
The Eesti Pank reserves allow the central bank to remain independent of the government and ensure...

Questions and answers about the asset purchase programmes of the euro area central banks
What is the aim of the programme? The expanded asset purchase programme (APP) is designed to...

Eesti Pank's priorities among core operations
Participation in decision-making in the Eurosystem and implementation of decisions As a central...

Monetary policy transmission mechanism
The transmission mechanism of monetary policy involves the channels through which monetary policy...

Monetary policy instruments
The operational framework of the Eurosystem contains the following instruments: Open market...

The functioning of monetary policy
The central bank is the sole issuer of banknotes and sets the reserve requirements for the...

Operational framework
The Eurosystem uses a set of monetary policy instruments and procedures to achieve its primary...

Importance of price stability
Price stability means avoiding prolonged periods of excessively high inflation or...

Estonian Economy and Monetary Policy 2/2021
The Estonian Economy and Monetary Policy is an Eesti Pank review released four times a year that...

3/2021 Anita Suurlaht. The Asymmetric Effect of Monetary Policy on European Financial Markets
Working Papers of Eesti Pank 3/2021 This paper analyses the impact of unanticipated changes...

Estonian Economy and Monetary Policy 1/2021
The mood of optimism that prevailed around the world at the start of the year has cooled. It...