On Thursday, November 27, the Ministry of Finance prepared a draft order on the nomination of Mārtiņš Kazāks, President of the Latvijas Banka and member of the Governing Council of the European Central Bank (ECB), for the position of Vice-President of the ECB. M. Kazāks is an internationally recognized macroeconomist with extensive professional experience in monetary policy, financial stability, and the banking sector, and his nomination would significantly strengthen Latvia's representation in European Union institutions.
“Mārtiņš Kazāks is an internationally recognised macroeconomist with a strong reputation and outstanding experience in monetary policy and financial stability. Putting forward his candidacy for a leadership position at the European Central Bank enhances Latvia’s ability to contribute to the development and financial stability of the entire eurozone. Kazāks would be the first representative of Latvia and of Eastern Europe to serve in the ECB’s top management, marking an important step in strengthening our country’s representation and expertise within the institutions of the European Union,” said Minister of Finance Arvils Ašeradens.
Mārtiņš Kazāks meets all the requirements of the Treaty on the Functioning of the European Union for the position, including his impeccable reputation and excellent professional qualifications in the field of monetary and banking matters. He holds a bachelor’s degree in economics from the University of Latvia, a diploma in economics from the University of Cambridge, a master’s degree with distinction and a PhD in economics from the University of London. His professional experience includes academic positions at the University of London and the Stockholm School of Economics in Riga, as well as senior analytical roles within the Swedbank Group, where he lead the Baltic Macroeconomic Research Division.
Since August 2018, Mr. Kazāks has served on the Council of the Latvijas Banka, and in December 2019 he was elected President of the Latvijas Banka, concurrently beginning his work on the ECB Governing Council, actively contributing to the shaping of euro area monetary policy, financial stability issues and cooperation among central banks. He was re-elected for a second term as President of the Bank of Latvia in February 2025.
Mr. Kazāks is also Latvia’s representative at the International Monetary Fund and the author of numerous publications on financial markets, crisis management, fiscal policy and economic competitiveness. He would be the first representative of Latvia – and the first from Eastern Europe – to hold a senior leadership position at the ECB.
The position of ECB Vice-President will become vacant in May 2026, and by the end of 2027 the European Central Bank will need to reappoint four members of the Executive Board, including the President. In accordance with Article 283 of the Treaty on the Functioning of the EU, a candidate must be an EU citizen with an impeccable reputation and highly recognised professional experience in monetary or banking policy.
The ECB Vice-President is one of the central positions within Europe’s economic and financial system. The Vice-President implements euro area monetary policy, participates in decision-making on banking supervision, represents the ECB in international formats, and is responsible for macroprudential policy and financial stability.
Conceptual support from the Cabinet of Ministers would allow the Ministry of Finance to proceed with preparing Latvia’s official nomination. At the same time, the Ministry of Finance and the Ministry of Foreign Affairs will work in close coordination to ensure diplomatic and political support for Mr. Kazāks candidacy at the European Union level.
Photo: LETA