| Frontpage » Significance and role of Eesti Pank » Accountability |
|
|
Central bank accountabilityCentral bank independence is an integral part of any monetary system that aims to ensure price stability. At the same time, the principles of modern democracies expect any independent institution performing public functions to be accountable for its actions. For Eesti Pank, the autonomous central bank of the Republic of Estonia, has to explain its economic policy positions and decisions to Estonian citizens and their democratically elected representatives in a clear and profound manner. The principles of accountability and autonomy of the central bank counterbalance each other. Regular reporting on economic policy views and publication of economic data The reliability of the central banks and the transparency of its activities are the preconditions for the smooth operation of the monetary system. Eesti Pank must provide the general public and the experts with regular, profound and high-quality information on the economy. Eesti Pank may and must gather and publish monetary, financial and balance of payments statistics in its field of responsibility. The statistical data are published on the bank's website. The central bank publishes press releases and statements to comment on the latest economic data and developments. Four times a year, Eesti Pank publishes quarterly bulletins that focus either on monetary or financial policy issues. The website includes also other publication series and single publications by the central bank. In addition, information can be required by mail, e-mail or phone.The Annual Report gives a detailed overview of the central bank's activities and the annual accounts for the year. After the Annual Report is approved by the Supervisory Board of Eesti Pank, the Board submits to the Riigikogu together with the auditor's report. Governor of Eesti Pank also makes a presentation in the Riigikogu on the Annual Report. Accountability vis-à-vis the Riigikogu Besides the Governor's annual presentation, the central bank and the Riigikogu cooperate in the form of meetings, and bank representatives comment on the issues raised by members of the Riigikogu. The top executives and experts of Eesti Pank meet regularly with the Finance Committee of the Riigikogu to explain the central bank's estimates on economic processes and discuss topical economic issues. The top executives of Eesti Pank have also introduced the central bank's economic policy standpoints and fields of responsibility to parliamentary factions upon their request. |