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Eesti Panga Aasta Aruanne 2011 Eesti Pank EESTI PANK ANNUAL RepORT 2011 2012 2 Eesti Pank is the central bank of the Republic of Estonia, and a member of the European System of Central Banks and the Eurosystem1. The primary function of Eesti Pank is to contribute to price stability within the euro area. Eesti Pank serves its function by formulating the single monetary policy together with other members of the euro area, and by implementing the single monetary policy of the euro area in Estonia. Besides the price stability objective, the central bank also contributes to achieving other economic policy goals of Estonia and the euro area in line with the Treaty on the Functioning of the European Union. In addition, Eesti Pank fulfils the traditional functions of a central bank: regulates currency circulation; supports and organises transfers between commercial banks; participates in safeguarding financial stability; manages the foreign reserves of Estonia; prepares financial sector statistics and balance of payments statistics, and advises the government in economic policy issues in Estonia and the euro area. 1 The European System of Central Banks (ESCB) comprises the European Central Bank (ECB) and the national central banks of Euro- pean Union Member States. Eesti Pank became a member of the ESCB in 2004 upon Estonia’s accession to the European Union. The Eurosystem consists of the ECB and the national central banks of countries that have adopted the euro. Eesti Pank became a member of the Eurosystem in 2011 upon Estonia’s accession to the euro area and adoption of the euro. 3 Eesti Pank Annual Report 2011 CONTENTS FOREWORD BY THE GOVERNOR OF EESTI PANK.................................................................... 8 EESTI PANK’S PRIORITIES IN 2011 ........................................................................................... 13 THE EURO AREA AND ESTONIAN ECONOMY IN 2011 ........................................................... 22 GLOBAL ECONOMY ..................................................................................................................... 22 Euro area .................................................................................................................................. 22 ESTONIA'S ECONOMY ................................................................................................................. 25 Non-financial sector .................................................................................................................. 25 Financial sector ......................................................................................................................... 26 TASKS AND ACHIEVEMENTS OF EESTI PANK IN 2011 ........................................................... 30 PARTICIPATING IN THE FORMULATION OF MONETARY AND ECONOMIC POLICY ...................... 30 Monetary policy decisions ......................................................................................................... 30 Monitoring ................................................................................................................................. 32 Economic forecasts ................................................................................................................... 32 Advising the government ........................................................................................................... 33 Economic research.................................................................................................................... 34 IMPLEMENTING MONETARY POLICY DECISIONS IN THE EURO AREA AND ESTONIA ................ 38 Foundations of the framework for the implementation of the Eurosystem monetary policy .......... 38 The Eurosystem’s monetary policy operations in 2011 ............................................................... 39 Eesti Pank’s monetary policy operations .................................................................................... 40 Reserve management ............................................................................................................... 41 SAFEGUARDING FINANCIAL STABILITY ....................................................................................... 48 Financial sector analysis and financial stability assessment ........................................................ 48 Activities of the European Systemic Risk Board ......................................................................... 49 Legal framework for the financial sector ..................................................................................... 50 DEVELOPMENTS IN STATISTICS .................................................................................................. 54 Financial sector statistics ........................................................................................................... 55 External sector statistics ............................................................................................................ 56 General economic statistics ....................................................................................................... 57 PAYMENT AND SETTLEMENT SYSTEMS ...................................................................................... 60 Settlements in the payment and settlement systems managed by Eesti Pank ............................. 60 Development and policy of the financial sector infrastructures .................................................... 62 Single Euro Payments Area ....................................................................................................... 62 The Eurosystem platforms TARGET2 and TARGET2-Securities .................................................. 63 Oversight of payment and settlement systems ........................................................................... 65 4 MEETING THE CASH DEMAND ..................................................................................................... 70 Banknotes in circulation in the euro area and Estonia ................................................................. 70 Expert analysis and handling of cash ......................................................................................... 71 Preparation of new banknotes and coins ................................................................................... 72 COOPERATION ............................................................................................................................. 76 Central bank accountability ....................................................................................................... 76 International partnership ............................................................................................................ 76 Domestic partnership ................................................................................................................ 82 Public relations .......................................................................................................................... 84 Eesti Pank Museum .................................................................................................................. 87 GOVERNANCE, ORGANISATION AND HUMAN RESOURCES POLICY .......................................... 90 Supervisory and governing bodies of Eesti Pank ........................................................................ 90 Development of the management system and work organisation of Eesti Pank in 2011 .............. 93 Human resources policy of Eesti Pank ....................................................................................... 95 ANNUAL ACCOUNTS OF EESTI PANK FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011 .................................................................................................... 100 ANNEXES .................................................................................................................................. 133 MONETARY POLICY DECISIONS OF THE ECB GOVERNING COUNCIL ...................................... 133 OTHER DECISIONS OF THE ECB GOVERNING COUNCIL .......................................................... 136 DECREES OF THE GOVERNOR OF EESTI PANK IN 2011 ........................................................... 152 PUBLICATIONS OF EESTI PANK IN 2011 .................................................................................... 154 5 Eesti Pank Annual Report 2011 Merike Tiivits 2010 “In the rain” FOreWOrd BY The GOverNOR OF EESTI PANK Foreword by the Governor of Eesti Pank 2011 was a year full of challenges and hard work for Eesti Pank. Estonia became the seventeenth member of the euro area. The economy proved highly unpredictable, significantly complicating eco- nomic forecasts and analysis of the real economy and the financial sector. It became increasingly clear to everybody that bold and decisive steps were needed in the euro area. Estonia witnessed a smooth changeover to the euro. This required the joint effort of the entire nation. Residents and retail traders, entrepreneurs and banks – we all made an effort and succeeded. Despite growing uncertainties, public support to the euro has not wavered. The transition to the euro brought along new duties and a greater responsibility for Eesti Pank – we are now equal partners and decision-makers within the Eurosystem. For a small nation, this can be considered quite an achievement. But also a challenge. In the euro area economy, the first and second half of the year proved very different, indeed. The beginning of the year saw a continued economic recovery,
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