The Supervisory Board of Eesti Pank decided today at its regular meeting to extend the term of office of Deputy Governor Ülo Kaasik for the next five years.

The Board gave unanimous support to the proposal of Eesti Pank Governor Madis Müller to nominate Ülo Kaasik for another term as deputy governor of the central bank.

“Ülo is an excellent economist, whose expert knowledge is highly valued in setting both the economic policy positions of Eesti Pank and the monetary policy of the euro area. It is evident that he has the energy and drive needed in an experienced manager to advance the development of Eesti Pank as an organisation”, said Governor of Eesti Pank Madis Müller.

Deputy Governor Ülo Kaasik said “There has been an incredible amount of change in the economy in the past 10-15 years, and the central bank has reacted to this with measures that are extraordinary in historical comparison. I am very glad that the staff of Eesti Pank have managed to cope so well with the various challenges through their dedication and hard work. I am grateful to Madis and the supervisory board for the faith shown in me, which allows me to continue contributing to management of the bank and to helping Estonia and the euro area economy exit the crisis during this difficult time”.

Ülo Kaasik has been a deputy governor of Eesti Pank since 2011. 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.

The Executive Board of Eesti Pank consists of a Governor and two Deputy Governors. Deputy Governor Ülo Kaasik manages the preparation of the central bank’s monetary policy, its economic forecasts and research, the circulation of cash, the investment of the central bank reserves, and the physical and information technology working environment of Eesti Pank. Deputy Governor Veiko Tali is responsible for ensuring financial stability, the operation and oversight of payment systems, financial sector statistics, and accounting support services. Governor of the central bank Madis Müller oversees the administration, general secretariat, and internal audit departments.

Governor Madis Müller may by law serve only one seven-year term, which will end in June 2026. Ülo Kaasik’s term of office as deputy governor will run until July 2026. Veiko Tali became deputy governor at the start of this year, having long been the Secretary General of the Ministry of Finance, and his term of office lasts until the end of 2025.

For further information:
Viljar Rääsk
Eesti Pank
668 0745, 527 5055
Email: [email protected]
Press enquiries: [email protected]