The Supervisory Board of the Bank of Estonia (Eesti Pank) on Tuesday appointed Peter Lõhmus as the new head of the Estonian Fiscal Council and Karin Jõeveer as a new member of the Council.
Raul Eamets, the previous chair of the Fiscal Council, resigned on August 15 following a scandal.
Jõeveer was appointed to the Supervisory Board in lieu of Urmas Varblase, who resigned as well.
Lõhmus has advised several countries on the implementation of economic reforms. He has held positions at the IMF, World Bank, European Commission, and Eesti Pank. Jõeveer is the head of the economics and finance faculty at Tallinn University of Technology (TalTech).
The Fiscal Council of Estonia is an independent body tasked with assessing the fiscal policy's long-term viability. Each eurozone member state is required to have a Fiscal Council.
The Estonian Fiscal Council is made up of six experts appointed for five years. The current composition is: Peter Lõhmus, chair, Andrus Alber, vice-chair, Karin Jõeveer, Andres Võrk, Ülo Kaasik and Martti Randveer, members. The mandate of the current members, including Lõhmus and Jõeveer, expires in May 2024.
The appointment of the members of the Fiscal Council is proposed by the Governor and the decision is taken by the Supervisory Board of Eesti Pank.
Editor: Kristina Kersa