A long transition : the Estonian Currency Board Arrangement 1992-2010

This book is different from most similar ones as it tells a story that has finished. It is very rare in monetary and economic policy to find stories with a clear beginning and end, but the story of the Estonian currency board is one such, as it started with a monetary reform on 20 June 1992 and ended on 1 January 2011 when Estonia joined the euro area.

Such a framework provides a unique opportunity to describe a clearly defined stage in the modern history of the economy. Although this book tells the story of Estonia, it also gives a picture of the age as a whole, because although Estonia is small and exceptional in some ways, most of the major events of the last decade of the 20th century and the early years of the 21st appear here in one way or another.