Banks, Elections, Financial Services

International Internet Magazine. Baltic States news & analytics Wednesday, 21.08.2019, 11:04

Estonian cbank supervisory board picks Madis Muller as candidate for governor

BC, Tallinn, 12.02.2019.Print version
The supervisory board of the Bank of Estonia by a secret vote on Tuesday chose Madis Muller, current deputy governor of the central bank, as candidate for its next governor, spokespeople for the Estonian central bank said.

The contenders for the position were Robert Kitt, Madis Muller and Marten Ross. The governor of the central bank of Estonia is simultaneously a member of the governing council of the European Central Bank (ECB).


"The chairman of the supervisory board, Mart Laar, expressed his gratitude to the members of the supervisory board who nominated three worthy candidates for the position that influences the day-to-day lives of people both in Estonia and Europe. 


"Indeed, decisions are made in the council of the European Central Bank which influence the speed of economic growth in the entire euro area, but also how expensive are people's home loans. It is my role to ensure that the filling of a position so important for the Estonian state takes place in a thought-out and transparent fashion," Laar said.


The candidate for the next governor of the central bank must next pass security vetting by the Internal Security Service, which may take three months. Following the completion of the security check the supervisory board will look at the conclusions presented to it and may then make a proposal to the president for the appointment of the new governor o the central bank to office.


The term of office of the current governor of the Bank of Estonia, Ardo Hansson, expires on June 6 this year. The governor of the central bank is appointed to office by the president for a single seven-year term.


Muller, born in 1977, became deputy governor of the Bank of Estonia in 2011, coming from the position of portfolio manager for equity investments at International Finance Corporation (IFC), in which position he served from 2006 to 2011. From 2003-2006, Muller served as adviser and senior adviser to the executive director of the Nordic-Baltic constituency of the World Bank, from 2002-2003 as adviser on economics to the prime minister of the Republic of Estonia, from 1999-2002 as adviser on economics to the minister at the Ministry of Finance of the Republic of Estonia, and from 1998-1999 as consultant on corporate financing at PricewaterhouseCoopers Tallinn. 


Since 2011, Muller has served as representative of the Estonian central bank in various international forums, including the Economic and Financial Committee of the Council of the European Union, the High Level Group on Market Infrastructures of the European Central Bank, the Euro Payments Council, the Nordic-Baltic Monetary and Financial Committee at the IMF, and others. Since 2014, he has been a member of the supervisory board of the European Central Bank for SSM/Banking Supervision and a member of the supervisory board of the Guarantee Fund. He has been a member of the of the supervisory board of the Financial Supervision Authority since 2012. 


Muller earned his bachelor's degree from Estonian Business School in 1999 and a master's degree in finance from George Washington University in 2006. He holds a CFA (Chartered Financial Analyst) license from CFA Institute and an FRM (Financial Risk Manager) license from the Global Association of Risk Professionals.


In the process for the selection of the new governor of the central bank, members of the supervisory board nominated Muller, Swedbank Estonia CEO Robert Kitt and Deputy Secretary General of the Ministry of Finance Marten Ross as potential candidates for the post.






Search site