摘要：This article appraises the signifi cance of a joint study by the central banks of Estonia, Latvia,
and Lithuania into the monetary transmission mechanism in the three countries2. It follows
closely on the heels of a similar study organised by the ECB for the euro area countries and
hence provides some comparable results3. Its purpose is deliberately forward-looking4. Over
the coming years, the Baltic States expect to be growing rapidly, developing their fi nancial
economy even faster and integrating closely with the rest of the European Union. This will
not only place considerable demands on macroeconomic policy but the impact of policy is
itself expected to change. There is a particular challenge for monetary policy as the countries
move towards EMU. The general expectation, for the currency board countries at least,
is that they should move directly to euro area membership at the current parity. All
adjustments to external, internal, and policy shocks will have to be made elsewhere
in the economy, and the joint study helps suggest where that will be.
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