Eesti Pank Annual Report 2011

FOREWORD BY THE GOVERNOR OF EESTI PANK

EESTI PANK'S PRIORITIES IN 2011

THE EURO AREA AND ESTONIAN ECONOMY IN 2011

GLOBAL ECONOMY

Euro area

ESTONIA'S ECONOMY

Non-financial sector
Financial sector

TASKS AND ACHIEVEMENTS OF EESTI PANK IN 2011

PARTICIPATING IN THE FORMULATION OF MONETARY AND ECONOMIC POLICY

Monetary policy decisions
Monitoring
Economic forecasts
Advising the government
Economic research

IMPLEMENTING MONETA RY POLICY DECISIONS IN THE EURO AREA AND ESTONIA

Foundations of the framework for the implementation of the Eurosystem monetary policy
The Eurosystem's monetary policy operations in 2011
Eesti Pank's monetary policy operations
Reserve management

SAFEGUARDING FINANCIAL STABILITY

Financial sector analysis and financial stability assessment
Activities of the European Systemic Risk Board
Legal framework for the financial sector

DEVELOPMENTS IN STATISTICS

Financial sector statistics
External sector statistics
General economic statistics

PAYMENT AND SETTLEMENT SYSTEMS

Settlements in the payment and settlement systems managed by Eesti Pank
Development and policy of the financial sector infrastructures
Single Euro Payments Area
The Eurosystem platforms TARGET2 and TARGET2-Securities
Oversight of payment and settlement systems

MEETING THE CASH DEMAND

Banknotes in circulation in the euro area and Estonia
Expert analysis and handling of cash
Preparation of new banknotes and coins

COOPERATION

Central bank accountability
International partnership
Domestic partnership
Public relations
Eesti Pank Museum

GOVERNANCE, ORGANISATION AND HUMAN RESOURCES POLICY

Supervisory and governing bodies of Eesti Pank
Development of the management system and work organisation of Eesti Pank in 2011
Human resources policy of Eesti Pank


ANNUAL ACCOUNTS OF EESTI PANK for the Financial Year Ended 31 December 2011

ANNEXES

MONETARY POLICY DECISIONS OF THE ECB GOVERNING COUNCIL
OTHER DECISIONS OF THE ECB GOVERNING COUNCIL
DECREES OF THE GOVERNOR OF EESTI PANK IN 2011
PUBLICATIONS OF EESTI PANK IN 2011