At an extraordinary meeting on Monday, the Supervisory Board of the Bank of Estonia elected Maive Rute as the central bank's new deputy governor. Rute's five-year term as deputy governor will begin on Oct. 1.
Bank of Estonia Governor Madis Müller, who nominated Rute for the position following a public competition, said in a press release that he highly values the new deputy governor-elect's prior work experience and well-rounded education.
Since 2005, Rute has held various high positions in the European Commission. Among other things, she has previously worked as director for the promotion of SMEs' competitiveness and entrepreneurship at the Directorate-General for Enterprise and Industry, and as director for biotechnology and agriculture research and director for resources at the Directorate-General for Research and Innovation.
She is currently serving as deputy director general of the European Commission's Joint Research Centre (JRC).
Prior to heading to the European Commission, Rute worked as CEO of Estonian state-owned financial institution Kredex. She holds an MBA from Danube University Krems and a master's degree in international politics from Centre Européen de Recherches Internationales et Stratégiques (CERIS) in Brussels. She was also a fellow at Harvard University in 2013.
"Among other things, Maive stood out from the other candidates due to her extensive international work experience," Müller said. "This will definitely be beneficial in representing Estonia and the Bank of Estonia in cooperation between central banks both in the euro system and elsewhere. I also believe that Maive's background as the head of different organizations will bring new and fresh views to the management of the central bank as well."
The Bank of Estonia is one of the foundations of the Estonian state, Rute said, calling it a dignified and weighty institution.
"At the same time, as the central bank, it is the guarantor of the European single currency," she continued. "I believe that, along with the free movement of people and goods, the euro is namely one of the projects that Europeans value the most. After many years in Brussels, I am very encouraged by the opportunity to contribute to Estonia's growth and development. Of course, I would also like to contribute to the promotion of the organization and services of the Bank of Estonia. I believe that my previous professional experience in the Estonian financial field and in Brussels provide a good basis for this."
The Board of the Bank of Estonia consists of a governor and two deputy governors. Since June 7, the Bank of Estonia has been led by previous deputy governor Madis Müller, whose term of office as governor will run through 2026. The term of office of the second deputy governor, Ülo Kaasik, will conclude in 2021.
Editor: Aili Vahtla