"I care a lot about Estonia's future, and I want it to be a good place for the people of Estonia to live, which is why I have decided to join Kaja Kallas' team and run for election to the Riigikogu," Sutt announced on social media.

"Labour taxation, excise duties and business tax are all issues that should be critically reviewed," he continued. "I believe that the Reform Party has the capacity to understand these problems and, as a governing party, resolve them as well."

Another point of concern in Sutt's opinion is the budget balance. "When things are going well for the economy, we should be accumulating reserves," he said. "The current government, however, hasn't even managed to achieve a balanced budget even on the crest of the economic boom. Should the world economy end up in a crisis, and there will be a crisis someday, Estonia would certainly have a harder time recovering from it today. This shows that nothing was learned during the last financial crisis."

For the past year and a half, Sutt served as a board member at Estonian state-owned energy group Eesti Energia, from which he resigned just before Midsummer this year.

Sutt has also previously worked as head of the banking division of the European Stability Mechanism (ESM), senior adviser to CEO of the European Financial Stability Facility (EFSF), and member of the board of directors of the International Monetary Fund (IMF), representing Estonia in the Nordic-Baltic electorate of the IMF.

He served as deputy governor of the Bank of Estonia from 2001-2009.