Madis Müller could become Vice President of the European Central Bank (ECB) Executive Board. This could be decided as early as January 19th when the finance ministers of the eurozone meet.
Müller's candidacy must be submitted by the Estonian Ministry of Finance by January 9th. After that, his election campaign will begin. Müller said that each country's minister should present and defend their candidate.
Müller cannot predict who will become ECB Vice President. He said that all candidates are strong. He does not know what factors the finance ministers will consider in their decision.
A total of six candidates are running for the ECB Executive Board. In addition to Müller, there are candidates from Finland, Latvia, Croatia, Portugal, and Lithuania.
According to media reports, Finland's candidate Olli Rehn is considered to have the best chances. Portugal's candidate Mario Centeno is his strongest competitor. Candidates from Latvia and Croatia are also considered strong.
The ECB Executive Board currently has six members. Among them are President Christine Lagarde and Vice President Luis de Guindos.
Müller said that the candidate's professional background and readiness are important. Balance between countries in the board is also considered. He believed that more balance may be needed for new members.
Müller emphasized that his background suits the position of ECB Vice President. He has worked on financial stability and financial sector issues. His term as President of the Bank of Estonia ends at the same time as the current ECB Vice President's term.
Estonian Finance Minister Jürgen Ligi has said that Müller is a capable fiscal conservative. He would be a good fit for ECB Vice President.
The ECB is one of the seven institutions of the European Union. The Executive Board is responsible for implementing the monetary policy of the eurozone. Board members are appointed for eight years.
Müller's term as President of the Bank of Estonia will end in 2026. The current Vice President Ülo Kaasik has been elected as the new President.