1 kroon the currency museum of Eesti Pank for €0.06. Source: 1 kroon The 1 kroon (1 EEK) is the smallest valued banknote of the Estonian kroon, the former currency of Estonia. Kristjan Raud (1865–1943), an Estonian painter, teacher, and cultural historian, is featured with a portrait on the obverse. A view of Toompea Castle in Tallinn appears on the reverse. The 1 kroon was only issued once and had been steadily going out of circulation since a coin of the same value was also issued. At the time of replacement by the euro, it was very rarely found in use on
Monetary policy Monetary policy Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency. Further goals of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy. In developed countries, monetary