The Ministry of Finance will submit outgoing Bank of Estonia Governor Madis Müller as the country’s candidate for vice president of the European Central Bank (ECB) Board and the results may be known as soon as January 19.
The ministry must officially submit Müller’s candidacy by January 9 at the latest, after which his election campaign can begin. The final decision will be made by the European Union member states’ finance ministers.
“This process is not very long either; according to initial information, they will discuss it already on January 19, and may possibly reach some conclusion then,” Müller told ERR on Tuesday.
According to media reports, six countries have put forward candidates for the role: Spain, Finland, Latvia, Croatia, Portugual and Lithuania.
Müller said he could not predict who would win: “I have to say it is difficult for me, since it is quite a political process. I think all the candidates are strong, and I cannot see inside the heads of finance ministers or forecast what exactly they will base their decisions on. So I really cannot assess my chances.”
He said there has not yet been a member from a “new” member state who joined in or after 2004.
“I think one could argue that this could reasonably change. But again. I do not know whether that will be a primary or important factor for the finance ministers,” Müller said.
The ECB’s six-member board currently consists of President Christine Lagarde of France, Vice President Luis de Guindos of Spain, and members Piero Cipollone (Italy), Frank Elderson (Netherlands), Philip Lane (Ireland), and Isabel Schnabel (Germany).
Speaking about his own strengths, Müller pointed out that the ECB vice president has traditionally handled financial stability and financial sector issues, areas that align well with his professional background and experience.
“As vice president of Eesti Pank before my current role, I was responsible for exactly that area, and I think I’m well acquainted with these topics. I’ve also taken a more active role on these issues within the ECB Governing Council [which includes the heads of the euro area’s central banks],” he said.
Minister of Finance Jürgen Ligi (Reform) has previously told newspaper Äripäev that Müller is a solid fiscal conservative and would be well-suited for the role.
Müller’s term as president of Eesti Pank ends on June 6, 2026. At the end of October, the central bank council selected current vice president Ülo Kaasik to succeed him.
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