The latest research by Estonia’s Central Bank (Eesti Pank, ECB) published on September 22 shows that the monetary policy of the euro-system affects growth and inflation in the Estonian economy more than it does in the euro area on average.
The impact of monetary policy is greater in Estonia than in the euro area on average because exports are a larger share of the economy in Estonia than they are in the euro area on average. If it becomes cheaper to borrow, economic activity increases throughout the euro area, and the demand from euro area countries for exports star...
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