The mood of optimism that prevailed around the world at the start of the year has cooled. It was hoped at the start of the year that the arrival of new vaccines would give effective and immediate help in defeating the Covid-19 pandemic, but unfortunately there were almost immediately problems... more
Working Papers of Eesti Pank 3/2021 This paper analyses the impact of unanticipated changes in domestic and foreign monetary policy on aggregate stock market performance and risk in ve countries: France, Germany, Italy, Spain and the UK, using an event study methodology. We also study whether... more

Madis Müller, Governor of Eesti Pank and member of the Governing Council of the European Central Bank

17 March 2021

I have promised to talk today about the state of the economy and the role of the central bank in exiting the crisis. Tomorrow will mark exactly one year since we... more

Securities lending of Bank of Estonia PSPP holdings

The Bank of Estonia PSPP and PEPP holdings are available for securities lending. The counterparties eligible for this lending are trading counterparties who have relevant agreements (GMRA agreements) with the Bank of Estonia.

Eligible... more

A second wave of the coronavirus has pushed the global economy back into recession in the final third of the year. After the outbreak of the disease in spring faded and restrictions were eased, the global economy recovered quite strongly. The global purchasing managers index still showed in early... more

At the Your opinion counts roundtable, we want to hear what people and organisations think about changes in the economy, how much you have been affected by changes in prices, whether low interest rates have been good or bad for you, and whether there are other topical issues that the central... more

Madis Müller Governor of Eesti Pank and member of the Governing Council of the European Central Bank

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... more

The spread of the coronavirus from the start of the year had a major impact on the performance of the Estonian economy and of the economy of the whole world. Although the economic decline in many countries was less than was forecast at the first peak of the crisis, the economy of the euro area... more
Occasional Papers of Eesti Pank 2/2020 Authors: Helen Ljadov, Reet Reedik, Raido Kraavik, Taavi Raudsaar, Lauri Matsulevitš, Dmitry Kulikov, Kaspar Oja, Lenno Uusküla, Nicolas Reigl, Karsten Staehr Several central banks have started using negative interest rates alongside other nonstandard... more

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

In broad terms, monetary policy affects how available and how expensive credit is in the economy. By... more

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