The Executive Board of Eesti Pank
Madis Müller, Governor of Eesti Pank
Madis Müller leads Eesti Pank and is a member of the European Central Bank’s Governing Council, the highest decision-making body of the ECB that among other decisions sets monetary policy for the euro area.
Madis Müller became Governor of Eesti Pank in June 2019, when he took over from Ardo Hansson. The Governor’s term of office is for seven years.
Madis Müller was previously Deputy Governor of Eesti Pank, a portfolio manager for equity investments at International Finance Corporation (IFC), an advisor to the Executive Director of the Nordic-Baltic constituency at the World Bank, and an economic policy adviser to the Prime Minister and the Minister of Finance of the Republic of Estonia.
Mr Müller holds a Master’s in Finance degree from George Washington University in the USA and a bachelor’s degree in banking and finance from Estonian Business School. He is also a CFA (Chartered Financial Analyst) and FRM (Financial Risk Manager) charterholder.
Ülo Kaasik, Deputy Governor of Eesti Pank
Deputy Governor Ülo Kaasik is responsible for preparing monetary policy decisions and economic research at Eesti Pank. He is also responsible for managing cash circulation, managing the Eesti Pank reserves, shaping the information technology environment, and overseeing the central bank’s infrastructure. Mr Kaasik has been a member of the Latvian Fiscal Council since January 2014, and of the Estonian Fiscal Council since May that year.
Ülo Kaasik became the Deputy Governor of the Bank of Estonia in July 2011. The Central Bank's council has decided to extend his term twice, in 2016 and 2021.
He was previously head of the monetary policy and economic policy departments of Eesti Pank and an advisor on economics to the Prime Minister of the Republic of Estonia. Ülo Kaasik graduated from the Faculty of Economics and Business Administration of the University of Tartu and holds a Master’s degree in economics from Tallinn University of Technology.
Andrus Alber, Deputy Governor of Eesti Pank
Deputy Governor Andrus Alber is responsible for ensuring financial stability, maintaining the reliable and smooth operation of payment systems, and overseeing the collection, processing, and disclosure of financial and external sector statistics, as well as financial accounting and reporting. Andrus Alber is a member of the Supervisory Board of the European Central Bank for SSM/Banking Supervision and the Economic and Financial Affairs Committee of the Council of the European Union. He is also a member of the Statistical Council and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
Andrus Alber became a Deputy Governor of Eesti Pank in January 2026.
Andrus Alber has been involved in the financial sector for over 30 years and has worked in Estonia and in international organisations. He headed the Nasdaq Tallinn stock exchange; was a co-founder and CEO of Finora Bank, which focuses on business clients in Estonia and Lithuania; was Vice Chair of the Fiscal Council; and worked at the International Monetary Fund, at Eesti Pank, and as an economic adviser to President Lennart Meri. Mr Alber has sat on the boards of several financial companies and organisations.
Activities of Eesti Pank are managed by the Executive Board.
The Executive Board:
- prepares and submits to the Supervisory Board documents and draft decisions for adopting decisions under the jurisdiction of the Supervisory Board and for informing the Supervisory Board;
- reports to the Suvervisory Board on Eesti Pank’s budget implementation and activities;
- informs the Supervisory Board of relevant circumstances related to the activities of Eesti Pank;
- prepares the annual accounts and management report of Eesti Pank;
- approves the statutes of the structural units of Eesti Pank;
- performs other functions that are needed to meet the objectives and implement the tasks imposed on Eesti Pank by law.
The Governor of Eesti Pank is the Chairman of the Executive Board. The Executive Board consists of the Governor and Deputy Governors. The Governor of Eesti Pank is appointed to office for a term of seven years by the President of the Republic on the proposal of the Supervisory Board of Eesti Pank. Deputy Governors of Eesti Pank are appointed by the Supervisory Board for a term of five years on the proposal of the Governor.
The Executive Board meets as necessary and in line with the Board’s work schedule, but not less frequently than once a month.