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- Monetary policy
- Price StabilityPrice 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 policyOnly 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 mechanismWhen 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 frameworkThe 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 reservesFor 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 PolicyEstonian Economy and Monetary Policy gives a comprehensive overview of the economy and an economic forecast. It is published four times a year.
- Estonian Competitiveness ReportThe 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 ReviewThe 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.
- Price Stability
- Financial stability
- Analysis of financial stabilityEesti 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 policyThe 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 managementEven 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.
- CooperationEesti 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 EuropeCentral 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 ReviewThe 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 EconomyThe 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 SectorThe 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.
- Analysis of financial stability
- Statistics
- Release calendar
- Key economic indicators
- Financial accountsFinancial 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 statisticsEesti 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 statisticsEesti 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 liabilitiesData on the assets and liabilities of Estonian households are based on the Household Finance and Consumption Survey (HFCS).
- For reportersReporting for financial sector statistics and balance of payments; Data submission portal
- Payments
- The payments marketThe payments market consists of payment and securities settlement systems and methods of payment.
- Payment and settlement systemsThe 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.
- OversightAs overseer, Eesti Pank helps make sure that TARGET2-Eesti, the securities settlement system and the card payment system function securely and efficiently.
- SEPAThe Single Euro Payment Area allows electronic payments in euros to be made on the same terms throughout the European Economic Area
- The Estonian Payment ForumThe forum set up by Eesti Pank, the Estonian Banking Association and the Ministry of Finance supports the development of the Estonian payment market.
- LegislationThe legal framework that governs payments and securities settlement comes from European Union and Estonian legislation
- Continuous operation of banking servicesThe 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 EstoniaThe history and development of interbank settlement systems in Estonia
- The payments market
- Research
- Fields of researchThe 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 DivisionThere are seven economists working in the Research Division, led by Tairi Rõõm.
- Visiting researchersThe Research Division welcomes economists with an academic or central banking background to work in Eesti Pank as guest researchers.
- Open seminarsThe 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 seminarsA research seminar led by Eesti Pank has been held since 2015 for young Estonian economics researchers working and studying at institutions abroad.
- LibraryEesti 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 awardThe 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 educationThe 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 PapersThe Eesti Pank Occasional Papers is a new series of papers where the bank will publish reviews of its analysis and research work.
- Working PapersThe 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.
- Fields of research
- Notes and coins
- EuroEesti 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 kroonEesti Pank will exchange Estonian banknotes and coins for euros indefinitely.
- Commemorative and collector coinsCollector 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.
- CounterfeitsAnybody 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 handlersCompanies 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.
- Euro
- About us
- The bank as an organisationEesti 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 CooperationEesti 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 ActsEesti 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 statementsEesti 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.
- PressEesti 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 PankEesti 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 ReportThe 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.
- The bank as an organisation
- Eesti Pank 100
- Eesti Pank 100On 3 May 2019, Eesti Pank will celebrate its 100th anniversary.
- Coins marking the centenaries of the Republic of Estonia and Eesti PankEesti 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 seriesThe series of lectures that started in autumn 2018 brings several internationally acclaimed economists and finance experts to speak at Eesti Pank.
- Exhibitions and other eventsEstonian contemporary art in the main building of the European Central Bank
- Eesti Pank 100 CalendarMay 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.
- Eesti Pank 100