Estonian kroon until the Soviet invasion in 1940 and Estonia's subsequent incorporation into the Soviet Union when it was replaced by the Soviet ruble. After Estonia regained its independence, the kroon was reintroduced in 1992. The kroon became the currency of Estonia on 1 September 1928 after having been a unit of account since 1924. It replaced the mark at a rate of 100 mark = 1 kroon. The kroon was subdivided into 100 sent. In 1924, the kroon was pegged to the Swedish krona at par, with a gold standard of 2480 kroon = 1 kilogram of pure gold. The standard
Monetary authority much as a de facto control over monetary policy if they are allowed to influence or control their central bank. Commonly, there is one monetary authority for one country with its currency. However, there are also other arrangements in place, such as in the case of the eurozone where the so-called Eurosystem, consisting of the European Central Bank and the 19 European Union member states that have adopted the euro as their sole official currency, is the monetary authority covering the eurozone. There are other arrangements, for example democratic governance of monetary policy, a currency board which restricts currency issuance