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
Economic and Monetary Union of the European Union Union"" (often referred to as the """Five Presidents Report"") was issued by the presidents of the Council, European Commission, ECB, Eurogroup and European Parliament. The report outlined a roadmap for further deepening of the EMU, meant to ensure a smooth functioning of the currency union and to allow the member states to be better prepared for adjusting to global challenges: All of the above three stages are envisaged to bring further progress on all four dimensions of the EMU: Economic and Monetary Union of the European Union The Economic and Monetary Union (EMU) is an umbrella term for the group