Kaasik has served as deputy governor since 2011. His responsibilities include, among other things, economic analysis and the preparation and execution of monetary policy. He is also a member of Estonia's Fiscal Council.

Previously, he headed the monetary policy department at the Bank of Estonia and worked as an economic adviser to the prime minister.

As Kaasik already holds the necessary state security clearance, no additional vetting by the Internal Security Service is required.

The term lasts seven years, and the same person may not be appointed for more than one consecutive term. The new governor will replace Madis Müller, whose term ends in June 2026.

The candidates for the position of governor were Andrus Alber, Ülo Kaasik, Kilvar Kessler, and Margus Rink. Board Chairman Urmas Varblane thanked all the candidates.

At the board meeting held on October 21, the members of the Supervisory Board listened to the candidates' speeches and posed questions to them.

"The governor of the Bank of Estonia influences the daily lives of people in both Estonia and Europe. The Governing Council of the European Central Bank makes decisions that affect loan interest rates and, through that, the pace of inflation and economic growth across the euro area," he said.

The Board of the Bank of Estonia has 11 members, and a majority vote was required to select a candidate. The candidate for the governorship was determined after three rounds of voting.

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