Madis MüllerMadis 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.

Madis Müller's CV

Ülo KaasikÜlo Kaasik, Deputy Governor of Eesti Pank

Deputy Governor Ülo Kaasik is responsible for preparing monetary policy decisions and for economic research at Eesti Pank. He also has responsibility for the operation of cash circulation, the investment of the central bank reserves, and the physical and information technology working environment of Eesti Pank. Ülo Kaasik has been a member of the Latvian Fiscal Council since January 2014, and of the Estonian Fiscal Council since May that year. His membership of the Latvian Fiscal Council was extended in March 2020 for another six years.

Ülo Kaasik became Deputy Governor of Eesti Pank in July 2011 and in 2016 the Supervisory Board of the central bank decided to extend his term of office for five more years.

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.

Ülo Kaasik's CV

Veiko Tali, Deputy Governor of Eesti Pank

Veiko TaliDeputy Governor Veiko Tali 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, and financial accounting and reporting. Veiko Tali is a member of the Supervisory Board of the European Central Bank for SSM/Banking Supervision, the Supervisory Board of Finantsinspektsioon, and the Economic and Financial Affairs Council of the Council of the European Union. He is also a member of the Statistical Council and a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

Veiko Tali became a Deputy Governor of Eesti Pank in January 2021.

Veiko Tali was Secretary-General of the Ministry of Finance from 2011 to 2020. Prior to that he held various positions within the Ministry including Deputy Secretary General for Fiscal and Tax Policy, head of the Fiscal Policy Department, and head of the property reform department. Before going to the Ministry of Finance in 1993 he was a researcher at the institute of economics of the Estonian Academy of Sciences. He holds a degree in economics from Moscow State University, and has studied further at Roskilde University, Joint Vienna Institute and the Harvard Kennedy School.


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.