The transition to a modern banking system in Estonia started with a banking crisis: Out of the 40 commercial banks that were active in Estonia in 1992, only 22 remained in operation in early 1993 as the central bank tightened capital and liquidity requirements. [23] Lending to the real economy declined sharply.
Jerome H Powell: Communications challenges and quantitative easing Speech by Mr Jerome H Powell, Member of the Board of Governors of the Federal Reserve System, at the 2013 Institute of International Finance Annual Membership Meeting, Washington DC, 11 October 2013.