Madis MüllerMadis Müller, Governor of Eesti Pank

Madis Müller leads Eesti Pank and is a member of the Governing Council of the European Central Bank that sets monetary policy. The Governing Council of the European Central Bank is made up of the heads of the central banks of the countries in the European Union that use the euro, and they all have equal votes in setting the interest rate framework of 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 stock investments at International Finance Corporation (IFC), an advisor to the Executive Director of the Nordic-Baltic constituency at the World Bank, and adviser on economics to the Prime Minister and the Minister of Finance of the Republic of Estonia. Since 2014 Mr Müller has been a member of the Supervisory Board of the European Central Bank for SSM/Banking Supervision and has been on the Supervisory Board of Finantsinspektsioon.

Mr Müller holds a Master’s in Finance from George Washington University in the USA, and he graduated in international business management, banking and finance from Estonian Business School.

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 is also responsible for the financial accounting and reporting of Eesti Pank, for the information technology environment, and for coordinating the collection, processing and disclosure of financial and external sector statistics. 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 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

Maive RuteMaive Rute, Deputy Governor of Eesti Pank

Deputy Governor Maive Rute is responsible for ensuring financial stability, organising cash circulation, maintaining the reliable and smooth operation of payment systems, and overseeing the collection, processing and disclosure of financial and external sector statistics. Maive Rute is a member of the Supervisory Board of the European Central Bank for SSM/Banking Supervision, and she sits on the Statistical Council and is involved in the work of the Supervisory Board of Finantsinspektsioon.
Maive Rute has been a senior official at the European Commission, where her responsibilities included setting business policy and funding programmes for science and innovation.
Before moving to the Commission, Maive Rute was head of the KredEx foundation. She holds a Master’s in Business Administration from Danube University Krems in Austria and one in international politics from the ULB Diplomatic School of Brussels. She has also studied at Harvard University.

Maive Rute CV


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.