Gallery: President appoints Madis Müller next governor of Bank of Estonia

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President Kersti Kaljulaid on Friday appointed current Deputy Governor Madis Müller the next governor of the Bank of Estonia. The day also marked the 100th anniversary of the founding of Estonia's central bank, an occasion being celebrated with several special releases and exhibitions.

According to Estonian law, the term of office of the governor of the Bank of Estonia is seven years in length, and an individual may only serve one term. The Supervisory Board of the Bank of Estonia proposed to Kaljulaid appointment of the current deputy governor as the next head of the central bank.

"For the past couple of decades, Madis and I have tried to serve the Estonian state and its interests," the president told journalists following the confirmation of the appointment on Friday afternoon. "I have a high level of trust in him. And I am confident that he is not lacking in courage either. The Bank of Estonia takes after its director."

Kaljulaid also thanked outgoing Governor Ardo Hansson for his service at the helm of the central bank. "He has served in his role very well," she added.

Müller highlighted that the tasks of the Bank of Estonia are sufficiently detailed in the law. "The Bank of Estonia is responsible for shaping euro area financial policy that affects the people of Estonia as well," he said.

Hansson possibly moving up

Hansson is currently a member of the Governing Council of the European Central Bank and seen as one of the top candidates to succeed current President of the European Central Bank (ECB) Mario Draghi.

The outgoing governor will remain in office through June 6. Müller, who has served as deputy governor since 2011, will then take over as head of the central bank on June 7.

Müller will be the sixth governor of the Bank of Estonia since the country regained its independence from the Soviet Union in 1991.

Bank of Estonia celebrates centennial

The Bank of Estonia also celebrated its 100th anniversary on Friday. Centennial events have been going on since last year, culminating, in addition to Müller's appointment by the president on Friday, with the presentation of an anniversary book, a postage stamp, and a traveling exhibition.

The exhibition on the design of the Bank of Estonia's buildings will be on display at Mustamäe Shopping Centre in Tallinn from May 6 through June 16. After that, it will continue on to other destinations around the country, the bank said on Friday.

One hundred years ago on Friday, an initial sum of 10 million Estonian marks was transferred into the account of the Bank of Estonia, marking the foundation of the institution. Now, a century later, the bank introduced a book about its history as well as a special anniversary postage stamp.

The bank's traveling exhibition looks into the history of its buildings and also features the only gold bar in Estonia, which is 97 years old and valued at approximately €450,000. Another exhibition, to open in June, will feature money jewelry from the Estonian National Museum (ERM).

Two new collector coins have been announced as well, with a silver coin dedicated to the 200th anniversary of the birth of journalist and poet Johann Voldemar Jannsen to be introduced in May, and a €2 circulation coin celebrating the 150th anniversary of the Song Festival, based on the winning design of a children's competition that received thousands of entries, to be introduced this year as well.

Editor: Aili Vahtla, Ksenia Fadina

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