Estonia

Estonia introduced an augmented currency board from the start of its national currency in 1992, and that took it into EMU in 2011.

Years	Targets and attainment	Classification
1992-2010	two-tier banking system and national currency introduced in June 1992 with currency board on DM, with limited use of monetary instruments: central bank issues CDs in interbank market and sets reserve requirements, it has no formal lender of last resort role but ability to lend to banks subject to currency board cover, it operates standing deposit facilities but no marginal lending facilities; from 1999 currency board on euro, within ERM2 from 2004	augmented currency board ACB
2011-17	membership of European Monetary Union	currency union CU

Selected IMF references: RED 1993 pp5-7; SR 1994 p4; SR 1997 pp27-9; SR 2000 pp22-3; SR 2003 pp46-7.

Additional sources: Beblavý (2007b); Wolf et al (2008, ch 10).