Banks, Estonia, Financial Services

Bank of Estonia governor Madis Muller, who nominated Rute as deputy governor candidate after a public competition, said in a press release that he highly values the previous work experience and versatile education of the new board member.

Since 2005, Rute has held various high positions in the European Commission. Among other things, she has worked as director for promotion of SME's competitiveness and entrepreneurship at the Directorate-General for Enterprise and Industry, director for biotechnologies and agriculture research at the Directorate-General for Research and Innovation and as director for resources at the Directorate-General for Research and Innovation. She is currently working as deputy director general of the European Commission's Joint Research Center (JRC).

Before heading to the European Commission, Rute worked as CEO of Estonian state-owned financial institution KredEx. Rute holds a MBA from Danube University Krems in Austria and a MA in international politics from the Centre Europeen de Recherches Internationales et Strategiques (CERIS) in Brussels. She was also a fellow at Harvard University in 2013.

The board of the Bank of Estonia consists of the governor and two deputy governors. Since June 7, the central bank has been led by previous deputy governor Madis Muller, whose term of office as governor is to last seven years. The term of office of the second deputy governor, Ulo Kaasik, is to end in the summer of 2021.