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  • Monetary policy
    • Price Stability
      Price stability means low but stable inflation. This helps people and companies make economically sound decisions in their plans for the future and their salary requests, creating the right conditions for economic growth.
    • The functioning of monetary policy
      Only the central bank can create and issue currency. By changing the price of the money borrowed by the commercial banks and the amounts they can take, the central bank can affect the conditions for loans taken by people and companies. In this way the central bank can affect inflation.
    • Transmission mechanism
      When the central bank changes the prices and amounts of money the commercial banks can borrow, the effect is passed on into the economy as a whole, and particularly into prices. The monetary policy transmission mechanism is the various channels by which the central bank’s actions are passed into the economy.
    • Operational framework
      The central banks of the euro area act to meet the goals of the single euro-area monetary policy in a decentralised way, doing so within the agreed solutions and principles that together are called the operational framework.
    • Central bank reserves
      For people to have faith in a currency, the value and stability of that currency must be backed up, and this is done with the reserves of the central banks. Currency reserves have a key role in maintaining confidence in the economy and in supporting the stability of the financial system.
    • Estonian Economy and Monetary Policy
      Estonian Economy and Monetary Policy gives a comprehensive overview of the economy and an economic forecast. It is published four times a year.
    • Estonian Competitiveness Report
      The Estonian Competitiveness Report is published once a year. Competitiveness is analysed through Estonian export capacity (relative productivity growth, changes in export indicators and similar) and relative price and cost competitiveness indicators.
    • Labour Market Review
      The Labour Market Review discusses the most important trends in the Estonian labour market, labour supply and demand, institutional developments of the labour market, and other related issues. The review is published twice a year.
    • Your opinion counts – a roundtable with Eesti Pank
      The monetary policy of the central bank may seem to be a difficult topic and most people do not think about it every day. It affects all of us though, when we go to the shops, buy a house, take a loan or save for our pensions.
  • Financial stability
    • Analysis of financial stability
      Eesti Pank regularly analyses the functioning of the financial system and gives an opinion on financial stability, or how the banks are coping in general and what possible risks they may face.
    • Macroprudential policy
      The financial system needs to be strong and able to stand up to risks. This is why Eesti Pank has taken various measures such as requiring additional buffers from the banks and setting restrictions that the banks must adhere to when issuing mortgages.
    • Crisis management
      Even when preventative work has been done well, failures can arise in the banking system at speed, passing on into the economy and potentially causing wider damage in society. Eesti Pank, the Financial Supervision Authority and the government work together to resolve financial crises.
    • Cooperation
      Eesti Pank works closely with partners in Estonia, within the European Union and with Finland, Sweden and Denmark as the home countries of the banks operating in Estonia to ensure financial stability.
    • Single banking supervision in Europe
      Central supervision of the largest banks in the euro area helps make sure that the banks are all analysed and assessed in the same way and that the risk assessments use a similar base. This then helps make all of the banking sector in the euro area more credible.
    • Financial Stability Review
      The Financial Stability Review is the main output of the financial stability analysis conducted by Eesti Pank. The review includes also the central bank’s assessment to Estonian financial stability and covers related policy measures. The Financial Stability Review is published twice a year.
    • Financing of the Economy
      The review of financing and lending in the Estonian non-financial sector covers banking and leasing statistics, financial accounts analysis and credit supply and demand. It is published once a year.
    • The Structure of the Estonian Financial Sector
      The Structure of the Estonian Financial Sector discusses factors that affect the architecture and design of the financial sector in Estonia. It provides a background for understanding the development trends and risks described in the Financial Stability Review.
  • Statistics
    • Release calendar
    • Key economic indicators
    • Financial accounts
      Financial accounts are accounts of the national accounts system, which reflect the positions of financial assets and liabilities, transactional and non-transactional changes of both the economy as a whole and different institutional sectors.
    • Financial sector statistics
      Eesti Pank compiles financial sector statistics that includes statistics on credit institutions, leasing companies, payment and settlement systems, as well as savings and loan associations.
    • External sector statistics
      Eesti Pank compiles external sector statistics that includes data on the balance of payments, foreign debt, the international investment position and foreign exchange reserves.
    • Household assets and liabilities
      Data on the assets and liabilities of Estonian households are based on the Household Finance and Consumption Survey (HFCS).
    • For reporters
      Reporting for financial sector statistics and balance of payments; Data submission portal
  • Payments
    • The payments market
      The payments market consists of payment and securities settlement systems and methods of payment.
    • Payment and settlement systems
      The functioning of payment and settlement systems is important for maintaining the stability of the national economic and financial system, avoiding interruptions to the circulation of currency, and allowing monetary policy to be implemented smoothly.
    • Oversight
      As overseer, Eesti Pank helps make sure that TARGET2-Eesti, the securities settlement system and the card payment system function securely and efficiently.
    • SEPA
      The Single Euro Payment Area allows electronic payments in euros to be made on the same terms throughout the European Economic Area
    • The Estonian Payment Forum
      The forum set up by Eesti Pank, the Estonian Banking Association and the Ministry of Finance supports the development of the Estonian payment market.
    • Legislation
      The legal framework that governs payments and securities settlement comes from European Union and Estonian legislation
    • Continuous operation of banking services
      The Emergency Act defines cash circulation and payment services as vital services. The Eesti Pank minimum requirement is that the four largest banks operating in Estonia should restore at least 70% of ordinary banking services within 12 hours at most following a breakdown.
    • The development of settlement systems in Estonia
      The history and development of interbank settlement systems in Estonia
  • Research
    • Household assets and liabilities survey
      The survey collects data on the assets, liabilities, income and consumption of households.
    • Fields of research
      The research work of the central bank has four focuses: improvement of the macroeconomic and banking models; monetary policy research; research into the financial sector; and research into the real economy. Research results are published in the Working Paper series of Eesti Pank.
    • Economists in the Research Division
      There are seven economists working in the Research Division, led by Tairi Rõõm.
    • Visiting researchers
      The Research Division welcomes economists with an academic or central banking background to work in Eesti Pank as guest researchers.
    • Open seminars
      The research results of the bank are presented in public seminars. These seminars support the exchange of ideas between the central bank and academic circles and economic policy institutions.
    • Library
      Eesti Pank library contains more than 7,000 documents on economics and finance, mostly in English. Library online catalogue is a part of  ESTER , the shared catalogue of 16 major Estonian libraries.
    • Eesti Pank research award
      The Eesti Pank research awards are intended to recognise young Estonian researchers in academic economics. The awards are granted in two categories, one for doctoral work and one for master’s level work.
    • Research and education
      The central bank supports research in Estonia and abroad in several ways, with a programme of guest researchers and internships, organisation of joint conferences, membership of the Estonian Economic Association, and work with the doctoral schools of the University of Tartu and Tallinn University of Technology.
    • Occasional Papers
      The Eesti Pank Occasional Papers is a new series of papers where the bank will publish reviews of its analysis and research work.
    • Working Papers
      The Working Papers are summaries of the research conducted by Eesti Pank. The target group of the Working Papers includes, above all, economists and economic experts, and the papers are published often only in English.
  • Notes and coins
    • Euro
      Eesti Pank makes sure that there is sufficient good-quality money available in Estonia and works with the European Central Bank and other central banks in the euro area to release euro banknotes and coins into circulation.
    • Estonian kroon
      Eesti Pank will exchange Estonian banknotes and coins for euros indefinitely.
    • Commemorative and collector coins
      Collector coins are legal tender, but their high value means they are more usually used as souvenirs and collectors items than as circulation coins. €2 commemorative coins are special circulation coins with a special design on the national side in commemoration of a particular event or topic.
    • Counterfeits
      Anybody can verify the authenticity of a banknote easily if there is a suspicion that it is counterfeit by just feeling it, looking at it and tilting it, checking the security features, or comparing it to an authentic banknote. If it is suspected that a banknote is counterfeit, the police should be informed.
    • To professional cash handlers
      Companies can return banknotes into circulation only once the notes have been tested to European standards. Companies can test cash using specially designed devices or, if they do not have any, manually.
  • About us
    • The bank as an organisation
      Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. Our mission and vision, and our organisational values, tasks and strategic goals explain our position and our organisational structure. 
    • International Cooperation
      Eesti Pank works together with international monetary and financial institutions like the ESRB, the EBA, the BIS and the OECD, and with the European Commission and the Council of the European Union. It also partners the central banks of other countries through the Eurosystem, the European System of Central Banks, and the central banks of the Nordic and Baltic countries. Eesti Pank represents Estonia in the IMF.
    • Legal Acts
      Eesti Pank is a constitutional institution that operates under its own statues and under the law. The central bank sets policy for the financial sector and supervises it and the Governor of the bank issues decrees that regulate the banking industry. All the main legislation governing the operation of Eesti Pank is listed here, with links to related laws and decrees.
    • Financial statements
      Eesti Pank must publish information on its activities. Financial statements give an annual picture of the assets and liabilities of the central bank and of its revenues and expenses. The bank also publishes its balance sheet every quarter.
    • Press
      Eesti Pank releases regular announcements about its activities and about important economic policy questions. This is done through press releases, speeches, presentations, articles and interviews. There is a collection of photographs of Eesti Pank spokespeople in the photo bank. Eesti Pank also publishes press releases from the European Central Bank.
    • Working at Eesti Pank
      Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. The bank has 11 departments that employ a total of 230 colleagues.
    • Annual Report
      The Annual Report gives an overview of the central bank’s activities in the reporting year and the financial statement. The annexes to the Annual Report include a list of decrees issued by the Governor of Eesti Pank, a list of decisions adopted by the Governing Council of the ECB, and a list of Eesti Pank's publications issued during the year.

Press releases

  • Press releases
  • Press
  • 1997
19971998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
November
07.11.1997 Press release on the 1997-1998 programme for the economic policy of the Government of Estonia and Eesti Pank
October
24.10.1997 On additional measures for enhancing the financial system stability
23.10.1997 Eesti Pank press release
April
02.04.1997 Measures for ensuring sustainability of the banking sector development

Press releases

All press releases
Speeches and presentations
Economic policy statements

Press

  • ECB press releases
  • Press contacts
  • Calendar
  • Publications

Peamenüü

  • Monetary policy
    • Price Stability
    • The functioning of monetary policy
    • Transmission mechanism
    • Operational framework
    • Central bank reserves
    • Estonian Economy and Monetary Policy
    • Estonian Competitiveness Report
    • Labour Market Review
    • Your opinion counts – a roundtable with Eesti Pank
  • Financial stability
    • Analysis of financial stability
    • Macroprudential policy
    • Crisis management
    • Cooperation
    • Single banking supervision in Europe
    • Financial Stability Review
    • Financing of the Economy
    • The Structure of the Estonian Financial Sector
  • Statistics
    • Release calendar
    • Key economic indicators
    • Financial accounts
    • Financial sector statistics
    • External sector statistics
    • Household assets and liabilities
    • For reporters
  • Payments
    • The payments market
    • Payment and settlement systems
    • Oversight
    • SEPA
    • The Estonian Payment Forum
    • Legislation
    • Continuous operation of banking services
    • The development of settlement systems in Estonia
  • Research
    • Household assets and liabilities survey
    • Fields of research
    • Economists in the Research Division
    • Visiting researchers
    • Open seminars
    • Library
    • Eesti Pank research award
    • Research and education
    • Occasional Papers
    • Working Papers
  • Notes and coins
    • Euro
    • Estonian kroon
    • Commemorative and collector coins
    • Counterfeits
    • To professional cash handlers
  • About us
    • The bank as an organisation
    • International Cooperation
    • Legal Acts
    • Financial statements
    • Press
    • Working at Eesti Pank
    • Annual Report

Contacts

  • Phone: +372 668 0719
  • E-mail: info [at] eestipank.ee
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  • Site information
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References

  • European Central Bank
  • Financial Supervision Authority
  • Eesti Pank Museum

E-sources

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    • Monetary policy
      • Price Stability
      • The functioning of monetary policy
        • Eesti Pank holdings under the PSPP programme
        • Questions and answers on the expanded asset purchase programme of the central banks of the euro area
      • Transmission mechanism
      • Operational framework
        • Monetary policy instruments
      • Central bank reserves
        • Investment
        • Management of the reserves of the ECB
      • Estonian Economy and Monetary Policy
      • Estonian Competitiveness Report
      • Labour Market Review
      • Your opinion counts – a roundtable with Eesti Pank
        • Give your opinion
        • Roundtable at Eesti Pank
    • Financial stability
      • Analysis of financial stability
      • Macroprudential policy
        • Tools
          • Requirements for housing loans
          • Systemic risk buffer
          • Other systemically important institutions buffer
          • Countercyclical capital buffer
          • Risk weight floor for mortgage loans
      • Crisis management
      • Cooperation
        • Nordic-Baltic partnership
        • Participation in the ESRB
      • Single banking supervision in Europe
      • Financial Stability Review
      • Financing of the Economy
      • The Structure of the Estonian Financial Sector
    • Statistics
      • Release calendar
      • Key economic indicators
      • Financial accounts
      • Financial sector statistics
      • External sector statistics
      • Household assets and liabilities
      • For reporters
    • Payments
      • The payments market
        • The Estonian payment market
        • Payment methods
        • Concepts and definitions
      • Payment and settlement systems
        • The card payment system
        • STEP2
        • The RT1 instant payment system
        • TARGET services
          • TARGET2-Eesti
          • TARGET2-Securities (T2S)
            • TARGET2-Securities Estonian National User Group
          • TIPS
          • Rules for opening and using accounts in Eesti Pank
        • Securities settlement system
      • Oversight
        • Oversight key documents
      • SEPA
      • The Estonian Payment Forum
      • Legislation
      • Continuous operation of banking services
      • The development of settlement systems in Estonia
    • Research
      • Household assets and liabilities survey
      • Fields of research
      • Economists in the Research Division
      • Visiting researchers
      • Open seminars
        • 2017 Ragnar Nurkse memorial lecture at Eesti Pank
        • Previous open seminars of Eesti Pank
        • Christmas seminars
      • Library
      • Eesti Pank research award
        • The statute for the Eesti Pank research prize
      • Research and education
      • Occasional Papers
      • Working Papers
    • Notes and coins
      • Euro
        • Euro banknotes
        • Euro coins
      • Estonian kroon
        • Estonian kroon banknotes
        • Estonian coins
      • Commemorative and collector coins
        • Commemorative coins
        • Estonian collector coins
        • Euro collector coins
        • Confirmed programme of issuing collector and commemorative coins
      • Counterfeits
      • To professional cash handlers
    • About us
      • The bank as an organisation
        • Eesti Pank's mission and vision
        • Eesti Pank's priorities among core operations
        • Eesti Pank Strategy 2021-2025
        • Organisational values
        • Organisational Structure
          • Supervisory Board
          • Executive Board
          • Departments
          • Salaries of Eesti Pank executives
        • Eesti Pank 100
          • Eesti Pank 100
          • Coins marking the centenaries of the Republic of Estonia and Eesti Pank
          • Centenary lecture series
          • Exhibitions and other events
          • Eesti Pank 100 Calendar
      • International Cooperation
        • Eurosystem and ESCB
          • Eurosystem
          • ESCB
          • ECB
        • ESRB
        • The Council of the EU and the European Commission
        • IMF
          • IMF and Estonia
          • Surveillance of Estonian economic policy
          • Reports and speeches by the Nordic-Baltic Constituency
        • BIS
        • OECD
        • NGFS
      • Legal Acts
        • Statute of Eesti Pank
        • Acts of Parliament
        • Eesti Pank Decrees
      • Financial statements
      • Press
      • Working at Eesti Pank
        • Positions vacant
          • Internship
            • Recommendations
        • Our employees
        • Development of employees
      • Annual Report
    • Press
      • ECB press releases
      • Press contacts
      • Calendar
      • Publications
    • Publications
      • By Series
        • Annual Report
        • Estonian Economy and Monetary Policy
        • Financial Stability Review
        • Labour Market Review
        • Financing of the Economy
        • Estonian Competitiveness Report
        • Working Papers
        • Occasional Papers
        • Balance of Payments yearbook
        • Varia
        • ECB publications
        • Archive
          • Balance of Payments, International Investment Position
            • Quarterly Balance of Payments
            • Preliminary Balance of Payments (archive)
            • Comments on International Investment Position (archive)
          • Kroon & Economy
          • Report on the Adoption of the Euro
      • All articles
    • Calendar