2 Euro (Tartu Peace Treaty) – Estonia

In 2020, Estonia was a fully integrated member of the Eurozone, having adopted the euro as its official currency on January 1, 2011. This meant the country's monetary policy was set by the European Central Bank (ECB), and the national currency, the Estonian kroon, was a historical relic. The primary framework for currency and financial stability was therefore the common European response to economic shocks, rather than any independent national monetary tools. Estonia's long-standing commitment to fiscal discipline and its strong digital governance provided a stable domestic foundation within this supranational system.

The year was dominated by the economic impact of the COVID-19 pandemic, which tested the Eurozone's mechanisms. Estonia, like all member states, benefited from the ECB's decisive actions, including the massive Pandemic Emergency Purchase Programme (PEPP) to stabilize financial markets and ensure liquidity. Domestically, the crisis accelerated existing trends toward digital payments and remote financial services, a natural progression for a society already renowned for its e-governance and high levels of digital adoption. Physical cash use, already in decline, diminished further due to health concerns.

Financially, 2020 saw Estonia's government debt rise significantly as it implemented crisis measures to support the economy, though from one of the lowest bases in the European Union. The common currency provided stability and avoided the risk of speculative currency attacks that a small independent currency might have faced during such a global shock. Thus, the "currency situation" was characterized by Estonia navigating a severe economic downturn within the safety and constraints of the Eurozone framework, leveraging its strong fiscal position and digital infrastructure to manage the crisis.