- See also:
-
EESTI PANK AS THE CENTRAL BANK OF A EUROPEAN UNION MEMBER STATE
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.
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 with the national central banks of Member States in the Eurosystem as well as outside it; elaboration of principles
for the collection of statistical data, and preparation of new Member States for joining the Eurosystem. Eesti Pank is already
represented in the committees and working groups of the European Central Bank that meet in the composition of the European System
of Central Banks (ESCB).
When a country joins the Eurosystem, the functions and work division of its national central bank derive from
the Statute of the ESCB and the ECB. As regards monetary policy, the division of responsibilities between the ECB and the central
banks of Member States is the following: the ECB makes monetary policy decisions and enforces them via the national central banks.
When Estonia joins the euro area, the Governor of Eesti Pank will start attending the meetings of the ECB's Governing Council,
thus participating in the development of the monetary policy of the entire euro area.
|
|
