OREANDA-NEWS. December 22, 2014. At its regular meeting, the Supervisory Board of Eesti Pank completed the first reading of the changes to the statutes of the central bank, and sent the changes to the European Central Bank for it to give its opinion.

The new statutes will not lead to any fundamental change in the organisation of work at Eesti Pank. The aim of the changes is to avoid any repetition of the wording of the law in the statutes, so that the statutes do not need to be changed if the law changes. The Supervisory Board will consider the changes to the statutes again after the European Central Bank has given its opinion. Under the treaties of the European Union any change in the law or the statutes governing a central bank requires approval from the European Central Bank.

The Eesti Pank Executive Board presented the draft budget for next year to the Supervisory Board. The budget will be confirmed by the Governor of Eesti Pank in the second half of December.

The Supervisory Board confirmed the working schedule for the internal audit for next year and its own planned work for the first half of the year.

Eesti Pank Governor Ardo Hansson gave board members the regular review of the state of the economy in the euro area and Deputy Governor Ulo Kaasik presented the latest economic forecast of the bank.

The next meeting of the Eesti Pank Supervisory Board will be on 10 February.