Conformity of the Right of Eesti Pank to Issue Regulations with the Constitution
The article discusses whether, according to the Constitution of the Republic of Estonia, Eesti Pank may issue legislation of general application mandatory to third persons, that is, the right of Eesti Pank to issue Regulations.
The author finds that, although the right of Eesti Pank to issue Regulations is not discussed separately in the Constitution, that in itself does not mean a conflict of the right of Eesti Pank to issue Regulations with the Constitution and European Union law. The right of Eesti Pank to issue Regulations can be derived from the principle of independence of Eesti Pank fixed in the Constitution, as well as from the conceptual basic principle of the independence of the central bank of a European Union Member State. The real independence and sovereignty of the central bank was not achieved without the right to issue legislation of general application mandatory to third persons. If Eesti Pank had to request issuing of Regulations necessary for the performance of its functions from the Government of the Republic or the Minister of Finance who represent the executive power, then that would not be in compliance with the European fundamental principle of independence of the central bank of a Member State. At the same time, certainly, the legislator is not totally free in deciding on the scope or legal limits of the right of Eesti Pank to issue Regulations. It is bound with the functions of the central bank specified in the Constitution which include organisation of currency circulation and the objective of ensuring the stability of the national currency.