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.
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
- 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.
- Christmas seminars
  A research seminar led by Eesti Pank has been held since 2015 for young Estonian economics researchers working and studying at institutions abroad.
- 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.
Eesti Pank 100
- Eesti Pank 100
  On 3 May 2019, Eesti Pank will celebrate its 100th anniversary.
- Coins marking the centenaries of the Republic of Estonia and Eesti Pank
  Eesti Pank issues several collector and commemorative coins in 2018 and 2019, celebrating the 100 years of Estonian statehood, Estonian traditions and the anniversaries of notable Estonians.
- Centenary lecture series
  The series of lectures that started in autumn 2018 brings several internationally acclaimed economists and finance experts to speak at Eesti Pank.
- Exhibitions and other events
  Estonian contemporary art in the main building of the European Central Bank
- Eesti Pank 100 Calendar
  May 16 Launch of the silver collector coin to mark the 200th anniversary of the birth of Johann Voldemar Jannsen, a leader of the Estonian national movement and the father of Estonian journalism.

Press releases

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20092010 2011 2012 2013 2014 2015 2016 2017 2018 2019

December
30.12.2009	The next year's budget of Eesti Pank will decrease by a tenth
23.12.2009	The share of overdue loans decreased somewhat in November
16.12.2009	Meeting of the Supervisory Board of Eesti Pank
16.12.2009	Estonia's external debt continues to contract
16.12.2009	Eurostat data show Estonia has met the Maastricht inflation criterion
15.12.2009	Economic policy statement of Eesti Pank
09.12.2009	Current account in surplus also in the third quarter
07.12.2009	Estonia met the inflation criterion
01.12.2009	Ü. Kaasik. Estonian Economy. Recent Developments
01.12.2009	Ü. Kaasik. Estonian economy during the recent crisis

November
24.11.2009	The financial behaviour of enterprises and households continues to be cautious
17.11.2009	Central bank's open seminar on a research of the impact of equity overpricing
13.11.2009	Meeting of the Supervisory Board of Eesti Pank
13.11.2009	Slowing economic downturn reflected in the labour market
12.11.2009	Economic adjustment continues as expected
12.11.2009	Ü. Kaasik. Outlook for the Estonian Economy
06.11.2009	Administered prices require more flexibility
05.11.2009	Märten Ross: Estonia's economy to grow in the next two years
03.11.2009	The central bank's open seminar to introduce a research on fiscal policy

October
23.10.2009	The volume of problem loans decreased in September
21.10.2009	Meeting of the Supervisory Board of Eesti Pank
21.10.2009	Economic policy statement of Eesti Pank
14.10.2009	IMF Mission's visit to Estonia
08.10.2009	The Annual Meetings of the IMF concentrated on the global economic situation
07.10.2009	Estonia to meet the Maastricht inflation criterion in the next months
06.10.2009	Ülo Kaasik: Estonia's economic development depends on sustainable fiscal policy
03.10.2009	Estonia to participate in the Annual Meetings of the International Monetary Fund and the World Bank
02.10.2009	Andres Saarniit: Sustainable economic development depends on reliable economic policy

September
30.09.2009	Meeting of the Supervisory Board of Eesti Pank
28.09.2009	The Museum of Eesti Pank to take part in a museums festival with its bank cards exhibition
24.09.2009	Andres Lipstok: fiscal surpluses are the key to Estonia's success
23.09.2009	The growth of overdue loans slowed in August
21.09.2009	Eesti Pank's open seminar on the impact of environmental taxes on households
18.09.2009	Stanislav Kalinin wins the design competition for the Vancouver Winter Olympics collector coin
15.09.2009	External debt continued to contract moderately
08.09.2009	Second-quarter current account in surplus due to weak domestic demand
07.09.2009	Demand environment continues to be weak

August
27.08.2009	Märten Ross: structural economic adjustment provides good growth prospects
26.08.2009	Household savings increased in July
26.08.2009	Economic policy statement of Eesti Pank
14.08.2009	Labour market is showing signs of stabilisation
12.08.2009	Economic decline in Estonia slowing down
10.08.2009	S&P lowered Estonia's sovereign rating by one grade
07.08.2009	The impact of VAT increase on prices as expected

July
23.07.2009	Growth in the volume of overdue loans slowed in June
22.07.2009	Eesti Pank publishes a Flash report on banking sector's loan losses
15.07.2009	Eesti Pank announces a design competition for a collector coin dedicated to the Winter Olympics
07.07.2009	Administrative prices not flexible enough

June
30.06.2009	Exhibition dedicated to Song Festivals at the Museum of Eesti Pank
25.06.2009	Banking sector capitalisation continues to be strong
19.06.2009	Eesti Pank releases into circulation new 2-kroon and 10-kroon banknotes
16.06.2009	External debt decreased in the first quarter of 2009
16.06.2009	Economic policy statement of Eesti Pank
15.06.2009	Märten Ross: flexible economy helps adjust to the changed circumstances
11.06.2009	Governor of Eesti Pank emphasised at the Riigikogu the importance of structural reforms
11.06.2009	Eesti Pank Governor's speech at the presentation of Eesti Panks 2008 Annual Report to the Riigikogu
10.06.2009	On Friday Eesti Pank presents collector coins dedicated to the Song and Dance Festivals
09.06.2009	Estonian economy's external vulnerabilities decreased, current account reached balance
05.06.2009	Prices have fallen year-on-year
03.06.2009	Governor of Eesti Pank congratulated the winners of the Social Studies Olympiad
03.06.2009	Meeting of the Supervisory Board of Eesti Pank

May
28.05.2009	Speech of A. Lipstok, Governor of Eesti Pank, on the Estonian economy
26.05.2009	Changes in banks' loan portfolios in line with economic developments
26.05.2009	M. Ross. On Estonian economy
18.05.2009	Comments of Eesti Pank's Deputy Governor MÃ¤rten Ross at the press conference concluding the IMF Staff Visit to Estonia
15.05.2009	The labour market reflects rapid economic adjustment
14.05.2009	A. Sutt. Introductory statement at Brussels Economic Forum "Beyond the Crisis: a Changing Economic Landscape"
13.05.2009	First-quarter decline in line with Eesti Pank's forecast
11.05.2009	IMF Mission to visit Estonia
08.05.2009	Inflation low in April compared to a year ago
08.05.2009	Andres Lipstok: a sustainable fiscal policy is the key to overcoming the crisis
08.05.2009	A. Lipstok. How to Exit the Economic Crisis?
04.05.2009	Eesti Pank to celebrate its 90th anniversary in May by a series of special events

April
29.04.2009	Meeting of the Supervisory Board of Eesti Pank
24.04.2009	Estonia to participate in the Spring Meetings of the International Monetary Fund and the World Bank
24.04.2009	Eesti Pank's Governor Andres Lipstok to hold a lecture in Haapsalu
24.04.2009	The debt burden of Estonia's enterprises and households decreased
23.04.2009	Moody's affirms Estonia's ratings at the previous level
23.04.2009	Deputy Governors of central bank to hold lectures and commemorate former offices in four cities
22.04.2009	Economic policy statement of Eesti Pank
21.04.2009	Standard & Poor's leaves Estonia's ratings unchanged
20.04.2009	Ülo Kaasik: fiscal sustainability is the basis of credibility
16.04.2009	Andres Sutt: history supports the continuation of global economic growth
16.04.2009	M. Ross. Case Study: Impact of Capital Flows on Financial System in Estonia
14.04.2009	Eesti Pank issues collector coins dedicated to the Estonian National Museum
08.04.2009	Fitch Ratings downgrades Estonia's sovereign rating by one notch
07.04.2009	Consumer prices fell faster than usual in March
01.04.2009	Meeting of the Supervisory Board of Eesti Pank
01.04.2009	Remuneration of the Executive Board and Supervisory Board of Eesti Pank in 2008

March
30.03.2009	Decreasing domestic demand will continue to improve the current account
30.03.2009	M. Ross. Exchange Rate Stability And Financial Stability Around The Eurozone: Estonian Experience
27.03.2009	Eesti Pank's flash report on the functioning of the Estonian credit market
26.03.2009	Ü. Kaasik. Recent Economic Developments in Estonia
25.03.2009	M. Ross. Policy Challenges in Estonia
24.03.2009	The share of household overdue loans did not increase in February
23.03.2009	Ü. Kaasik. Reserves Can Help - the Case of Estonia
11.03.2009	MÄRTEN ROSS: Estonia has the prerequisites for being among the first ones exiting the crisis
10.03.2009	The IMF commends the foundations of Estonia's economic policy
06.03.2009	Prices in Estonia continue to fall
05.03.2009	Andres Lipstok met with members of the German-Baltic Chamber of Commerce
05.03.2009	Ü. Kaasik. Estonian Economy: Recent Developments and Outlook
05.03.2009	Eesti Pank's Deputy Governor ANDRES SUTT to work for the IMF
04.03.2009	Meeting of the Supervisory Board of Eesti Pank

February
27.02.2009	Eesti Pank enters into a precautionary arrangement with the central bank of Sweden
25.02.2009	Estonia's credit market is adjusting to weaker investment demand and increased uncertainty
18.02.2009	ANDRES LIPSTOK: the euro would increase stability and certainty
17.02.2009	Economic policy statement of Eesti Pank
13.02.2009	Sharply declining external demand accelerated economic contraction
12.02.2009	Wage setting in Estonia one of the most flexible in Europe
10.02.2009	Eesti Pank introduces labour market and wage surveys
06.02.2009	Companies are adjusting prices to economic conditions
05.02.2009	Flash report on the Estonian economy in light of the deepening global crisis
03.02.2009	ANDRES SUTT: Expenditure cuts are vital for maintaining the credibility of the economy

January
27.01.2009	Winners of the design competition for collector coins dedicated to the Estonian Song and Dance Festival
26.01.2009	The total volume of banks' loan and leasing portfolio increased by 7.3 per cent in 2008
26.01.2009	The Riigikogu received a proposal regarding membership of the new Supervisory Board of Eesti Pank
15.01.2009	Märten Ross: Structural reforms should be continued also under more adverse conditions
15.01.2009	S. Honkapohja. The 1990's Financial Crises in Nordic Countries
08.01.2009	Cheaper oil not yet reflected in prices

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