If Estonia adopts the euro, Eesti Pank will become a fully-fledged member of the European Economic and Monetary Union (EMU) and Eesti Pank will be a member of the Eurosystem. At present, Eesti Pank is a member of the European System of Central Banks (ESCB).
The ESCB consists of the European Central Bank (ECB) and all EU Member States, regardless of whether they have adopted the euro. The Governor of Eesti Pank participates in the meetings of the General Council of the European Central Bank (ECB). The General Council is, among other things, responsible for information exchange related to monetary policy; consultations between the Eurosystem and the rest of ESCB members; elaboration of principles for the collection of statistical data, and preparation of new Member States for joining the Eurosystem.
When Eesti Pank will join the Eurosystem, the Governor of Eesti Pank will be attending also the meetings of the Governing Council of the ECB and participating in the euro area monetary policy decision-making. From 13 July 2010 the Governor of Eesti Pank participates as an observer in the meetings of the ECB Governing Council.
Eesti Pank has representatives in the committees and working groups of the European Central Bank that meet in the composition of the ESCB and, as of 13 July, also observers in the committees and working groups of the Eurosystem.
Until joining the euro area, the task of Eesti Pank as the central bank of Estonia will be the implementation of the national monetary and exchange rate policy, as well as the preparation of the financial system for the single monetary policy and the adoption of the euro. Euro area membership will entail major changes in monetary policy and the euro area's economic analysis, reserve management and foreign currency operations, statistics, cash, and payment and settlement systems. The functions that are not directly connected to the implementation of single monetary policy will be virtually the same: monitoring and analysis of the Estonian economy, compilation of economic forecasts, management of official foreign reserves, ensuring of financial stability, international cooperation outside the European Union (e.g. with IMF and BIS), etc.