摘要：At the end of 2005, the European Central Bank
started to raise monetary policy interest rates again
after fi ve years and did it twice with a three-month
interval: on 6 December 2005 and on 8 March
2006 by a total of 50 basis points. In Estonia, the
development of money market interest rates has
remained in line with the interest rate changes in the
euro area. As the increase in interest rate quotations
in Estonia and the euro area occurred at different
times, the difference between money market
interest rates even turned negative for a while
during the weeks preceding the decision to increase
monetary policy interest rates (see Figure 4.1).
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