The Governor of Eesti Pank participates in making the interest rate decisions of the European Central Bank at the table of the Governing Council of the European Central Bank, ensuring price stability in the euro area. The central bank also plays an important role in advising the government on economic policy.
“The consistent role of Eesti Pank as a sobering influence on public finances has been important in the difficult circumstances of recent years,” President Alar Karis said. “This is what I expect from the future Governor of Eesti Pank as well.”
“Looking ahead to the next few years, we need to move the national budget back towards balance,” Ülo Kaasik said. “A responsible fiscal policy plays an important role in making the Estonian economy competitive and trustworthy in the eyes of investors. Keeping government spending under control contributes to the stability of the tax system, which is important to Estonian businesses and people.”
In addition to making interest rate decisions, the central bank also has a say in shaping the future of EU public finances. For example, Eesti Pank stands for the development of the digital euro.
By law it is the Supervisory Board of the central bank that selects the candidate for Governor, who is confirmed in office by the President of the Republic. The term of office of the governor of the central bank is seven years, and he or she may be appointed for one consecutive term only. The term of office of Governor of Eesti Pank Madis Müller will end on 6 June 2026.
Ülo Kaasik has been Deputy Governor of Eesti Pank since 2011. He is responsible for economic analysis and the preparation and operations of monetary policy, among other topics. He is also a member of the Estonian Fiscal Council. Kaasik was previously head of the monetary policy department of Eesti Pank and an advisor on economics to the Prime Minister.
Photos of the Office of the President of the Republic of the meeting held on 2 December: https://flic.kr/s/aHBqjCCvYh
