Central Bank of Estonia Supervisory Board nominates Deputy Governor Ülo Kaasik as candidate for next Governor

The Supervisory Board of the Central Bank of Estonia (Eesti Pank) has elected Deputy Governor Ülo Kaasik as its candidate for the next Governor, ahead of the end of Governor Madis Müller’s term on 6 June 2026. The Governor also sits on the European Central Bank’s Governing Council, which takes euro area interest rate decisions. Kaasik was selected by secret ballot after three rounds of voting among four candidates: Andrus Alber, Ülo Kaasik, Kilvar Kessler and Margus Rink, with a majority required from the 11-member board. The board heard presentations and questioned the candidates at its 21 October meeting. As Kaasik already had access to state secrets, no additional security check by the Estonian Internal Security Service was required; he has been a Deputy Governor since 2011 with responsibilities spanning economic analysis and monetary policy preparation and operations, and he is a member of the Estonian Fiscal Council. Under the law, the Supervisory Board selects the candidate and the President of the Republic of Estonia confirms the appointment; the Governor serves a seven-year term and may not serve more than one consecutive term.