Estonian kroon received real coverage with the reserves backing the kroon. The issue of treasury notes and exchange notes was terminated. In order to secure the credibility of the kroon, the Bank of Estonia exchanged kroon for foreign currency. All these measures restored confidence in the domestic banking and monetary sector, contributing to the economic reinvigoration of the country and to the improvement of the reputation of the Estonian state in the international arena. During the Great Depression in 1933, the kroon went off the gold standard, devalued 35% and obtained a currency peg with the Great Britain Pound (GBP) at 1
European Parliament Committee on Economic and Monetary Affairs report appears immediately on both the Parliament and ECN websites. European Parliament Committee on Economic and Monetary Affairs The Committee on Economic and Monetary Affairs (ECON) is a committee of the European Parliament. Since Economic and Monetary Union (EMU), the most important function of this committee has been in relation to the European Central Bank (ECB). Although guaranteed independence under the Treaty, the ECB is accountable for its actions to ECON. Every three months, the President of the ECB, or occasionally his deputy, appears before the Committee to report on monetary policy; both actions taken, and future prospects. He then