Maive Rute appointed as Deputy Governor of Eesti Pank

At today’s special meeting, the Supervisory Board of Eesti Pank appointed Maive Rute as the new Deputy Governor of the central bank. The term of office for a Deputy Governor is five years and Rute’s first workday is 1 October 2019.

Governor Madis Müller proposed Maive Rute for the post of Deputy Governor after a public competition was held. Müller says he sees great value in the versatile academic qualifications and professional experience that the new board member has. Since 2005, Rute has held high-ranking positions at the European Commission. Her areas of responsibility have included entrepreneurship as well as research and innovation programmes, and she currently holds the post of Deputy Director General of DG Joint Research Centre (JRC). She served as CEO of the foundation KredEx before joining the European Commission. Rute has graduated with an MBA from Danube University Krems in Austria and an MA in international politics from CERIS in Brussels. She has also attended Harvard University as a fellow.

“Her extensive international experience was one of the aspects that made Maive stand out from other candidates. It will be invaluable in her work as a representative of Estonia and Eesti Pank when it comes to central bank cooperation in the Eurosystem and elsewhere. I believe that thanks to the professional experience she has gained in her top-ranking jobs at other institutions, Maive will have fresh ideas on central bank management as well,” said Madis Müller.

Maive Rute was happy to hear the news that she had been appointed as Deputy Governor of Eesti Pank. “Eesti Pank is one of the foundations of the Republic of Estonia. As an institution, it has a great deal of influence and dignity, and as a central bank, it also has the duty to uphold the single European currency. I believe that alongside the free movement of people and capital, the euro is one of the projects that Europeans appreciate the most. After several years in Brussels I am excited to now contribute to growth and development in Estonia, and it goes without saying that I am eager to further the organisation and services of Eesti Pank. I trust that my previous experiences in the financial sphere in Estonia and my positions in Brussels will provide a good starting point,” she said.

The Executive Board of Eesti Pank consists of the Governor and two Deputy Governors. On 7 June, former Deputy Governor Madis Müller took up the post of Governor for a term of seven years. The term for Deputy Governor Ülo Kaasik will end in summer 2021.


Additional information:
Eva Vahur
Eesti Pank
668 0965, 5330 0619

eva.vahur [at] eestipank.ee

Press enquiries: press [at] eestipank.ee