Latvia's Ministry of Finance has prepared a draft order to put forward Martins Kazaks, President of Latvijas Banka and a member of the European Central Bank (ECB) Governing Council, as Latvia’s candidate for the role of ECB Vice-President. The ministry noted that the ECB Vice-President position becomes vacant in May 2026 and referenced the Treaty on the Functioning of the European Union requirements, including impeccable reputation and very high professional experience in monetary or banking policy. It also set out the role’s remit, including implementing euro area monetary policy, participating in decision-making on banking supervision, representing the ECB internationally, and responsibility for macroprudential policy and financial stability. Kazaks has served on the Latvijas Banka Council since August 2018, became President in December 2019, and was re-elected for a second term in February 2025. Conceptual support from Latvia’s Cabinet of Ministers would allow the ministry to continue preparing the country’s official nomination, while the Ministry of Finance and the Ministry of Foreign Affairs will work jointly to secure diplomatic and political backing for the candidacy at European Union level.

Original source View in tracker