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Eesti Pank is the central bank of the Republic of Estonia and a member of the European System of Central Banks. Estonia adopted the euro on 1 January 2011, becoming the seventeenth euro area Member State. This also meant that Eesti Pank joined the Eurosystem.
The primary objective of Eesti Pank is to contribute to price stability within the
euro area. A stable price level is maintained with the help of the single monetary policy, which is formulated by all the Eurosystem members, including Eesti Pank. The latter is also responsible for the implementation of the euro area single monetary policy in Estonia.
In adopting and implementing decisions regarding the euro area, the Eurosystem follows the principle that decisions are adopted centrally in the Governing Council of the European Central Bank and implemented by national central banks thereafter. Thus, as a member of the Governing Council of the European Central Bank, Governor of Eesti Pank participates in the adoption of all decisions regarding the Eurosystem. Nevertheless, the implementation of the Eurosystem’s decisions in Estonia falls within the responsibility of Eesti Pank, not the European Central Bank.
