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turustatavate varade loetelu"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.et.html">Kasutajajuhend</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.et.html">Tagatise mobiliseerimine</a><a href="#" class="subpages" title="toggle subpages for Tagatise mobiliseerimine"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.et.html">Keskpankadevaheline piiriüleste tagatiste haldamise raamistik</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.et.html">Kõlblikud väärtpaberiarveldussüsteemid</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.et.html">Kõlblikud ühendused</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.et.html">Kõlblikud kolmepoolsed agendid</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.et.html">Riskide leevendamine</a><a href="#" class="subpages" title="toggle subpages for Riskide leevendamine"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.et.html">Eurosüsteemi krediidihindamisraamistik</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.et.html">Riskikontroll</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.et.html">Väärtuskärpe liigid</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.et.html">Väärtuse hindamine</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.et.html">Laenuandmete algatus</a><a href="#" class="subpages" title="toggle subpages for Laenuandmete algatus"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.et.html">Andmevormid</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.et.html">Kõlblikkusnõuded</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.et.html">Kontaktid</a></li></ul></li><li class="has-subpages -section"><a href="/mopo/eaec/html/index.et.html">Euroala majanduse struktuur</a><a href="#" class="subpages" title="toggle subpages for Euroala majanduse struktuur"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.et.html">Majanduspoliitika</a></li><li class="clearfix -current"><a href="/mopo/eaec/fiscal/html/index.et.html">Eelarvepoliitika</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.et.html">Väliskaubandus</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.et.html">Efektiivsed vahetuskursid</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.et.html">Finantsstruktuur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.et.html">Finantsturud</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.et.html">Finantsvahendajad</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.et.html">Majanduslik mitmekesisus</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.et.html">Tööturg</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.et.html">Turgude kontaktrühmad</a><a href="#" class="subpages" title="toggle subpages for Turgude kontaktrühmad"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.et.html">Võlakirjaturu kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.et.html">Rahaturu kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.et.html">Võlakirjade emiteerimise turu kontaktrühm (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.et.html">EKP operatsioonihaldurite rühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.et.html">Välisvaluuta kontaktrühm</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.et.html">Institutsiooniliste investorite vaheline dialoog</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.et.html">Maksed & finantsstabiilsus</a><a href="#" class="subpages" title="toggle subpages for Maksed & finantsstabiilsus"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Maksed ja finantsstabiilsus</div> <p>Ülevaade meie tööst finantsstabiilsuse ja maksete infrastruktuuri valdkonnas</p><a href="/paym/html/index.en.html">Ülevaade maksete ja finantsstabiilsuse teemadest</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digitaalne euro</a></li> <li><a href="/press/intro/html/index.en.html">Maksete valdkonna uudised</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">Dokumendid ja lingid TARGETi ekspertidele</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Värskeim finantsstabiilsuse ülevaade</div> <div class="image-date">16. mai 2024</div></a></div></div><ul><li class="clearfix"><span>Maksed</span></li><li class="has-subpages"><a href="/paym/target/html/index.et.html">TARGETi teenused</a><a href="#" class="subpages" title="toggle subpages for TARGETi teenused"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.et.html">Ühised elemendid</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.et.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.et.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.et.html">Juhtimine</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.et.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.et.html">Juhtimine</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.et.html">Faktid ja arvud</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.et.html">Hinnakujundus</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.et.html">TARGETi välkmaksete arveldussüsteem (TIPS)</a><a href="#" class="subpages" title="toggle subpages for TARGETi välkmaksete arveldussüsteem (TIPS)"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.et.html">Juhtimine</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.et.html">Faktid ja arvud</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.et.html">Ühinemine</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.et.html">Eurosüsteemi tagatiste haldamise süsteem</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.et.html">TARGETi dokumendid ja lingid eksperdile</a><a href="#" class="subpages" title="toggle subpages for TARGETi dokumendid ja lingid eksperdile"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.et.html">Ühised elemendid: dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.et.html">T2 dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.et.html">T2S dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.et.html">TIPS: dokumendid ja lingid</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.et.html">Ekspertidele</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.et.html">Lõimumine ja innovatsioon</a><a href="#" class="subpages" title="toggle subpages for Lõimumine ja innovatsioon"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.et.html">Hajusraamatu tehnoloogia</a><a href="#" class="subpages" title="toggle subpages for Hajusraamatu tehnoloogia"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.et.html">Uurimistegevus</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.et.html">Jaemaksed</a><a href="#" class="subpages" title="toggle subpages for Jaemaksed"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.et.html">Jaemakseteenuste strateegia</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.et.html">EKP kiirendav roll</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.et.html">Ühtne euromaksete piirkond (SEPA)</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.et.html">Välkmaksed</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.et.html">Tagatiste haldamise ühtlustamine</a><a href="#" class="subpages" title="toggle subpages for Tagatiste haldamise ühtlustamine"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.et.html">Rakendamine</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.et.html">Kübervastupidavusvõime</a><a href="#" class="subpages" title="toggle subpages for Kübervastupidavusvõime"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.et.html">Finantsturutaristud</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.et.html">ELi TIBER-raamistik</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.et.html">Järelevaatamine</a><a href="#" class="subpages" title="toggle subpages for Järelevaatamine"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.et.html">Maksesüsteemid</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.et.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.et.html">E-maksed</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.et.html">Väärtpaberiarveldussüsteemid ja kesksed vastaspooled</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.et.html">Kriitilise tähtsusega teenusepakkujad</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.et.html">Korrespondent- ja depoopangad</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.et.html">SecuRe Pay foorum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.et.html">Reservihaldusteenused</a><a href="#" class="subpages" title="toggle subpages for Reservihaldusteenused"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.et.html">Põhiaspektid</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.et.html">Teenused</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.et.html">Sularahakäitlejad</a><a href="#" class="subpages" title="toggle subpages for Sularahakäitlejad"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.et.html">Sularahakäitlus</a><a href="#" class="subpages" title="toggle 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href="/paym/groups/erpb/html/index.et.html">Eurojaemaksete nõukogu</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.et.html">Euroopa makseuuenduste foorum</a></li></ul></li><li class="clearfix"><span>Finantsstabiilsus</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.et.html">Ülevaade</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.et.html">Makrotasandi usaldatavusmeetmed</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.et.html">Finantsstabiilsusega tegelevad kontaktrühmad</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.et.html">Statistika</a><a href="#" class="subpages" title="toggle subpages for Statistika"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistika</div> <p>Juurdepääs EKP statistikale ja taustteabele</p><a href="/stats/html/index.en.html">EKP statistika ülevaade</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Olulised näitajad</a></li> <li><a href="https://data.ecb.europa.eu/">EKP andmeportaal</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Kõik andmeteenused</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">EKP BLOGI – Tõhustatud andmed: kuidas mõjutavad kliimamuutused panku</div> <div class="image-date">18. aprill 2024</div></a></div></div><ul><li class="clearfix"><span>Enim vaadatud</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.et.html">Euro vahetuskursid</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.et.html">EKP baasintressimäärad</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.et.html">Euro lühiajaline intressimäär (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro lühiajaline intressimäär (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.et.html">Viiteintressimäärad</a><a href="#" class="subpages" title="toggle subpages for Viiteintressimäärad"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.et.html">Euro riskivabade intressimäärade töörühm</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.et.html">Inflatsioon</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.et.html">Euroala tulukõverad</a></li><li class="clearfix"><span>Kogu statistika ja taustteave</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.et.html">Kõik olulised statistikaandmed</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.et.html">Juurdepääs andmetele</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.et.html">Põhiteemad</a><a href="#" class="subpages" title="toggle subpages for Põhiteemad"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.et.html">Statistika haldamine ja kvaliteediraamistik</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.et.html">Koostöö ja standardid</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.et.html">Pankade aruandlus</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.et.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.et.html">AnaCredit: küsimused ja vastused</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.et.html">Avalikud konsultatsioonid</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.et.html">Pangandussektori dialoog EKPSi statistika ja integreeritud aruandluse küsimustes</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.et.html">Statistiliste andmete vahetuse mudel (SDMX)</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.et.html">Granulaarsete andmete võrgustik (INEXDA)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.et.html">Euro</a><a href="#" class="subpages" title="toggle subpages for Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Euro</div> <p>Ühisvääringuga seotud teemad</p><a href="/euro/html/index.en.html">Ülevaade eurost</a><hr> <div class="nav-title">Lingid</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Sularahakäitlejad</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistika pangatähtede ja müntide kohta</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro vahetuskursid</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Esimene eduaruanne digitaalse euro ettevalmistusetapi kohta</div> <div class="image-date">24. juuni 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.et.html">Digitaalne euro</a><a href="#" class="subpages" title="toggle subpages for Digitaalne euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.et.html">Põhiomadused</a><a href="#" class="subpages" title="toggle subpages for Põhiomadused"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.et.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.et.html">Kuidas digitaalne euro toimib</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.et.html">Miks on digitaalne euro vajalik?</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.et.html">Ajakava ja kulg</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.et.html">Projektist lähemalt</a><a href="#" class="subpages" title="toggle subpages for Projektist lähemalt"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.et.html">Juhtimine ja sidusrühmade kaasamine</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.et.html">Tehniline teave ja uurimistöö</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.et.html">Projekti reeglistik</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li><li class="clearfix"><span>Sularaha</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.et.html">Eurosüsteemi sularahastrateegia</a><a href="#" class="subpages" title="toggle subpages for Eurosüsteemi sularahastrateegia"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.et.html">Sularaha roll</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.et.html">Emiteerimine ja ringlus</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.et.html">Juurdepääs sularahale ja selle aktsepteerimine maksevahendina</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.et.html">Korduma kippuvad küsimused</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.et.html">Pangatähed</a><a href="#" class="subpages" title="toggle subpages for Pangatähed"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.et.html">Uued pangatähed</a><a href="#" class="subpages" title="toggle subpages for Uued pangatähed"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.et.html">Kujunduse muutmise protsess</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.et.html">Praegu ringluses olevad pangatähed</a><a href="#" class="subpages" title="toggle subpages for Praegu ringluses olevad pangatähed"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.et.html">Nimiväärtused</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.et.html">Kujunduselemendid</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.et.html">Turvaelemendid</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.et.html">Võltsimisvastane tegevus</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.et.html">Pangatähtede tootmine ja varud</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.et.html">Kahjustatud ja tindiplekkidega pangatähed</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.et.html">Keskkond, tervishoid ja ohutus</a><a href="#" class="subpages" title="toggle subpages for Keskkond, tervishoid ja ohutus"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.et.html">Toote keskkonnajalajälg</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.et.html">Teadus- ja arendustegevus</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.et.html">Pangatähtede pildid ja reprodutseerimiseeskirjad</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.et.html">Teabe- ja koolitusmaterjalid</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.et.html">Mündid</a><a href="#" class="subpages" title="toggle subpages for Mündid"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.et.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.et.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.et.html">50 senti</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.et.html">20 senti</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.et.html">10 senti</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.et.html">5 senti</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.et.html">2 senti</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.et.html">1 sent</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.et.html">Ühine külg</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.et.html">2-eurosed mälestusmündid</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.et.html">Turvaelemendid</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.et.html">Meenemündid</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.et.html">Sularahale üleminek</a><a href="#" class="subpages" title="toggle subpages for Sularahale üleminek"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.et.html">Horvaatia (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.et.html">Leedu (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.et.html">Läti (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.et.html">Eesti (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.et.html">Slovakkia (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.et.html">Küpros (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.et.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.et.html">Sloveenia (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.et.html">Sularahale üleminek 2002. aastal</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.et.html">Liikmesriigi vääringu vahetamine euro vastu</a><a href="#" class="subpages" title="toggle subpages for Liikmesriigi vääringu vahetamine euro vastu"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.et.html">Austria</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.et.html">Belgia</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.et.html">Horvaatia</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.et.html">Küpros</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.et.html">Eesti</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.et.html">Soome</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.et.html">Prantsusmaa</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.et.html">Saksamaa</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.et.html">Kreeka</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.et.html">Iirimaa</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.et.html">Itaalia</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.et.html">Läti</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.et.html">Leedu</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.et.html">Luksemburg</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.et.html">Malta</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.et.html">Madalmaad</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.et.html">Portugal</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.et.html">Slovakkia</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.et.html">Sloveenia</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.et.html">Hispaania</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.et.html">Teave vaegnägijatele</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.et.html">Uurimistegevus</a><a href="#" class="subpages" title="toggle subpages for Uurimistegevus"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Uurimistegevus</div> <p>Põhjalikud uuringud ja ekspertanalüüsid, mis hõlmavad erinevaid teemasid ja valdkondi</p> <a href="/pub/html/index.en.html">EKP uuringute ülevaade</a> <hr> <div class="nav-title">Lingid</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Konverentsid ja seminarid</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Võimalused majandusuurijatele</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Uuringute bülletäänid</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.et.html">Majandusuuringud</a><a href="#" class="subpages" title="toggle subpages for Majandusuuringud"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.et.html">Uuringute kava</a><a href="#" class="subpages" title="toggle subpages for Uuringute kava"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.et.html">Rahapoliitika, strateegia ja rakendamine</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.et.html">Eelarvepoliitika ja juhtimine majandus- ja rahaliidus</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.et.html">Rahvusvaheline makromajandus ja rahandus</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.et.html">Reaalsektor ja mikromajanduslik analüüs</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.et.html">Prognoosimine ja majandustsükli analüüs</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.et.html">Makrotasandi rahandus, süsteemne risk ja makrotasandi usaldatavusjärelevalve poliitika</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.et.html">Finantsasutused, mikrotasandi usaldatavusjärelevalve poliitika, finantsturud ja maksed</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.et.html">Võimalused majandusuurijatele</a><a href="#" class="subpages" title="toggle subpages for Võimalused majandusuurijatele"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.et.html">Wim Duisenbergi stipendium</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.et.html">Korralised külalisteadlased</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.et.html">Lamfalussy stipendium</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.et.html">Suvine teadusuuringute programm</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.et.html">Üliõpilaste praktikavõimalused</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.et.html">Õigusalased uuringud</a><a href="#" class="subpages" title="toggle subpages for Õigusalased uuringud"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.et.html">Õigusalased konverentsid ja seminarid</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.et.html">Õigusuuringute programm</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.et.html">Teadus- ja üldtoimetised</a><a href="#" class="subpages" title="toggle subpages for Teadus- ja üldtoimetised"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.et.html">Autori järgi</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.et.html">EKP majandusuurijad</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.et.html">Teadusuuringute võrgustikud</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.et.html">Uudised & väljaanded</a><a href="#" class="subpages" title="toggle subpages for Uudised & väljaanded"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Uudised ja väljaanded</div><a href="/press/pubbydate/html/index.en.html">Kõik uudised ja väljaanded</a><hr> </div> </div><ul><li><span>Uudised</span></li><li><a href="/press/pr/html/index.et.html">Pressiteated</a></li><li><a href="/press/stats/html/index.et.html">Statistikateemalised pressiteated</a></li><li><a href="/press/key/html/index.et.html">Kõned</a></li><li><a href="/press/inter/html/index.et.html">Intervjuud</a></li><li><a href="/press/blog/html/index.et.html">EKP blogi</a></li><li><a href="/press/tvservices/html/index.et.html">TV</a></li><li><a href="/press/intro/html/index.et.html">Maksete valdkonna arengud</a></li><li><a href="/press/contacts/html/index.et.html">Kontaktandmed</a></li></ul></div><ul><li class="clearfix"><span>Väljaanded</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.et.html">EKP nõukogu otsused</a><a href="#" class="subpages" title="toggle subpages for EKP nõukogu otsused"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.et.html">Rahapoliitilised otsused</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.et.html">Muud otsused</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.et.html">Rahapoliitikaistungite protokollid</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.et.html">EKP majandusülevaade</a><a href="#" class="subpages" title="toggle subpages for EKP majandusülevaade"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.et.html">Artiklid</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.et.html">Fookus</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.et.html">EKP kuubülletään</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.et.html">Makromajanduslik ettevaade</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.et.html">Aasta- ja finantsaruanded</a><a href="#" class="subpages" title="toggle subpages for Aasta- ja finantsaruanded"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.et.html">Aastaaruanne</a><a href="#" class="subpages" title="toggle subpages for Aastaaruanne"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.et.html">Raamatupidamise aastaaruanne</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.et.html">Eurosüsteemi konsolideeritud bilanss</a><a href="#" class="subpages" title="toggle subpages for Eurosüsteemi konsolideeritud bilanss"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.et.html">Rahapoliitilised operatsioonid</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.et.html">Iganädalased finantsaruanded</a><a href="#" class="subpages" title="toggle subpages for Iganädalased finantsaruanded"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.et.html">Struktureeritud andmed</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.et.html">Finantsstabiilsuse valdkonna väljaanded</a><a href="#" class="subpages" title="toggle subpages for Finantsstabiilsuse valdkonna väljaanded"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.et.html">Finantsstabiilsuse ülevaade</a><a href="#" class="subpages" title="toggle subpages for Finantsstabiilsuse ülevaade"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.et.html">Teemakäsitlused</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.et.html">EKP makrotasandi usaldatavusjärelevalve ülevaade</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.et.html">Väljaanded</a><a href="#" class="subpages" title="toggle subpages for Väljaanded"></a><ul><li class="clearfix"><a 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Euroopa Parlamendi liikmetele</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.et.html">Lähenemisaruanne</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.et.html">Euro rahvusvaheline roll</a></li></ul></li><li class="clearfix"><span>Sündmused ja ajakavad</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.et.html">Pressikonverents</a><a href="#" class="subpages" title="toggle subpages for Pressikonverents"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.et.html">Pressikonverentsid</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.et.html">Rahapoliitikaotsuste ülevaated</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.et.html">Konverentsid ja seminarid</a><a href="#" class="subpages" title="toggle subpages for Konverentsid ja seminarid"></a><ul><li class="has-subpages"><a 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Värskeimat teavet meie ajakohastatud rahapoliitika strateegia ja hinnastabiilsuse eesmärgi kohta saab <a href="/home/search/review/html/index.en.html">rahapoliitika strateegia läbivaatamist tutvustavalt leheküljelt</a>.</p></div> <div class="section"> <p>Fiscal policies have a significant impact on economic growth, macroeconomic stability and inflation. Key aspects in this respect are the level and composition of government expenditure and revenue, budget deficits and government debt. Fiscal discipline is a pivotal element of macroeconomic stability. The need for fiscal discipline is even stronger in a monetary union, such as the euro area, which is made of sovereign states that retain responsibility for their fiscal policies. There are no longer national monetary and exchange rate policies to respond to country-specific shocks, and fiscal policies can better cushion such shocks if they start from a sound position.</p> <h2>Institutional arrangements</h2> <p>A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability.</p> <ul> <li>the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union),</li> <li>the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union),</li> <li>the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union),</li> <li>the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and</li> <li>the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).</li> </ul> <p>These include:</p> <p>Additionally, the fiscal compact (as part of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) foresees the implementation of a balanced budget rule at the national level and a further strengthening of the excessive deficit procedure within the Stability and Growth Pact.</p> <h2>Excessive deficit procedure</h2> <p>The basic rule of budgetary policy enshrined in the Treaty is that Member States shall avoid excessive government deficits. Compliance with this rule is to be examined on the basis of reference values for the general government deficit (3%) and gross debt (60%) in relation to GDP, whereby a number of qualifications can be applied.</p> <p>In particular, only an exceptional and temporary excess of the deficit over the reference value can be exempt from being considered excessive, and then only if it remains close to the reference value.</p> <p>The decision as to whether a Member State is in a situation of excessive deficit lies with the ECOFIN Council, acting upon a proposal from the European Commission.</p> <p>If the Council decides that a Member State is in a situation of excessive deficit, the excessive deficit procedure provides for the necessary steps to be taken. These could lead to imposing sanctions on the country concerned.</p> <h2>Stability and Growth Pact</h2> <p>The Stability and Growth Pact provides an operational clarification of the Treaty's budgetary rules. It defines the procedures for multilateral budgetary surveillance (preventive arm) as well as the conditions under which to apply the excessive deficit procedure (corrective arm). The Pact is an essential part of the macroeconomic framework of the Economic and Monetary Union. By requesting Member States to coordinate their budgetary policies and to avoid excessive deficits, it contributes to achieving macroeconomic stability in the EU and plays a key role in securing low inflation and low interest rates, which are essential contributions for delivering sustainable economic growth and job creation.</p> <p>The main rationale of the Stability and Growth Pact is to ensure sound budgetary policies on a permanent basis. The Pact lays down the obligation for Member States to adhere to the medium term objectives for their budgetary positions of 'close to balance or in surplus', as defined under country-specific considerations. Adjusting to such positions will allow Member States to deal with normal cyclical fluctuations without breaching the 3% of GDP reference value for the government deficit.</p> </div> </body> </html> <div class="in-this-section" id="pages-in-section-holder"> <h3>Kõik selle jaotise teemad</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Kas veebileht vastas teie ootustele?</div><a class="button -inverted-color" id="feedback-yes">Jah</a> <a class="button -inverted-color" id="feedback-no">Ei</a></div> <div class="second hidden"> <div class="title">Millised probleemid tekkisid?</div><a class="button -inverted-color" id="feedback-broken">Veebileht ei tööta</a> <a class="button -inverted-color" id="feedback-content">Veebilehe sisu ei ole kasulik</a> <a class="button -inverted-color" id="feedback-design">Kujundus ei ole piisavalt atraktiivne</a> <a class="button -inverted-color" id="feedback-other">Muu probleem</a></div> <div class="final hidden"> <div class="title">Täname tagasiside eest!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Veebilehe struktuur">Veebilehe struktuur</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Ametlikud sotsiaalmeediakanalid">Jälgi meie sotsiaalmeediakanaleid</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="SoundCloud"></a> <a href="/rss" class="rss" title="RSS-uudisvoog"></a></div> </div><div class="ecb-footerBottom"><p><span>Autoriõigus 2024, </span>Euroopa Keskpank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kasulikud lingid</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Töövõimalused</a></li> <li><a href="/services/glossary/html/index.en.html">Sõnastik</a></li> <li><a href="/services/links/html/index.en.html">Muud asutused ja organisatsioonid</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Veebilehe kasutamine</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Piiratud vastutus ja autoriõigus</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Isikuandmete kaitse</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Keelevalik</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Üldpõhimõtted</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Andmekaitse</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Juurdepääs dokumentidele</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kontaktandmed</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Kontaktandmed</a></li> <li><a href="/services/contacts/address/html/index.en.html">Aadress</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Tööaeg</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; 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