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President Kersti Kaljulaid appoints Madis Müller as the new governor of the Bank of Estonia


At the appointment ceremony, which took place today in Kadriorg, President Kersti Kaljulaid said that the role of the Bank of Estonia and its governor is to provide us with independent expertise on public finance and look ahead of the curve for things that may affect us.

 “The role of the Bank of Estonia – and this is certainly an institution that is in many ways reflected in its leader – is to keep our money stable, engage in high-quality international cooperation and provide society with independent expertise in the field of finance and the economy. The Bank of Estonia must be able to see ahead of the curve, and it is expected to provide an authoritative and independent assessment on the current, past and future economic situation,” said President Kaljulaid.

President Kaljulaid added that even though the Bank of Estonia does not shape the economic or budgetary policy, the central bank and its governor do contribute to improving our debates on public finance and the economy and making them more substantial.

The governor of the Bank of Estonia is appointed for a single term of seven years.

Madis Müller has worked as the deputy governor of the Bank of Estonia since 2011. Prior to that, he was a portfolio manager at the International Finance Cooperation (IFC) from 2006-2011, specialising in equity investments.

From 2003-2006, Müller worked at the World Bank as an advisor and senior advisor to the executive director of the Nordic-Baltic Constituency. He has also worked as an adviser and consultant on economics to the Estonian Prime Minister and the Minister of Finance. Since 2014, he has been a member of the Supervisory Board of the European Central Bank for SSM Banking Supervision.

Additionally, since 2011, Müller has been a representative of the Bank of Estonia in various international forums, including the Economic and Financial Committee of the Council of the European Union, the High-Level Group on Market Infrastructures of the European Central Bank, the Euro Payments Council and the Nordic-Baltic Monetary and Financial Committee at the IMF.

Müller has a Master’s in Finance from the George Washington University in the USA, which he obtained in 2006. In 1999, he graduated from the Estonian Business School with a BBA in International Business Management, Banking and Finance. He holds the global Financial Risk Manager (FRM) and Chartered Financial Analyst (CFA) licences.

Communications Department
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