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Since 2011: The euro is in circulation in Estonia and Eesti Pank is responsible for the stability of the single currency

1 January 2011

Estonia introduces the euro. The settlement systems of Eesti Pank are based on the euro. The euro and kroon remain in parallel circulation until 15 January. Banks exchange kroons for euros without a service fee and at the official exchange rate of Eesti Pank. Larger banks do the same until 31 December 2013. Eesti Pank exchanges kroons for euros without a service fee and for an unlimited period of time.

On 1 January 2011 Estonia becomes a fully-fledged member of the European Economic and Monetary Union (EMU) and Eesti Pank becomes a member of the Eurosystem, i.e. one of the central banks of the euro area. The Governor of Eesti Pank will be a member of the Governing Council of the European Central Bank and, thus, one of the decision-makers in the field of monetary policy. Just like the Governors of the central bank of Germany, Italy or Finland, the Governor of Eesti Pank also has a vote on the Governing Council. Experts from Eesti Pank take up positions on the committees and working parties of the European Central Bank where matters concerning the euro area are discussed.

Becoming a member of the euro area causes major changes for Eesti Pank in the field of monetary policy, economic analysis of the euro area, reserve management, currency operations, statistics, cash and payment systems. However, the changes do not particularly concern any functions not directly related to single monetary policy (e.g. monitoring and analysing the Estonian economy, compiling economic forecasts or producing statistics).

28 May 2012

Eesti Pank announces that it wants to update the Interbank Settlement System of Ordinary Payments (ESTA). The aim is to bring it into line with the conditions of the single euro payments area (SEPA). In the middle of the same year it appears that commercial banks will not use the system offered by Eesti Pank, as they prefer more favourable solutions. Eesti Pank decides to close the interbank settlement system managed by it in February 2014.

7 June 2012

Ardo Hansson assumes office as the Governor of Eesti Pank.

Ardo Hansson. Allikas: Eesti Pank

2 May 2013

Second-series five-euro notes are introduced in the euro area. Eesti Pank puts the new banknotes into circulation the same day in Estonia.

13 June 2013

Mart Laar takes office as the Chairman of the Supervisory Board of Eesti Pank.