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ECB’s Kazāks Proposed by Latvia to Succeed de Guindos as ECB Vice President

27 November 2025

ECB’s Kazāks Proposed by Latvia to Succeed de Guindos as ECB Vice President
Mārtiņš Kazāks, governor of the Latvijas Banka, at the European Central Bank Forum on Central Banking in Sintra, Portugal, on July 2, 2024. Photo by the ECB under CC BY-NC-ND 2.0.

By David Barwick – FRANKFURT (Econostream) – Latvia’s Ministry of Finance has moved to nominate Mārtiņš Kazāks, President of Latvijas Banka and member of the European Central Bank’s Governing Council, for the position of ECB Vice President, it said Thursday.

Finance Minister Arvils Ašeradens called Kazāks an internationally recognized macroeconomist whose appointment would “enhance Latvia’s ability to contribute to the development and financial stability of the entire Eurozone”, noting that he would be the first representative of Latvia and of Eastern Europe to hold a senior executive role at the ECB.

Kazāks meets all requirements set out in the Treaty on the Functioning of the European Union, the ministry said, citing his “impeccable reputation” and professional qualifications in monetary and banking matters.

The ministry highlighted his academic credentials – including degrees from the University of Latvia, Cambridge and the University of London – and previous analytical roles at Swedbank, where he headed Baltic macroeconomic research. He has also held teaching positions at the University of London and the Stockholm School of Economics in Riga.

Kazāks has served on the council of Latvijas Banka since 2018 and became its president in December 2019, joining the ECB Governing Council at the same time. He was re-elected for a second term in February 2025. Latvia noted his contributions to monetary policy, financial stability and central-bank cooperation, and pointed to his work representing the country at the International Monetary Fund.

The position of ECB vice presidency will need filling when the term of current occupant Luis de Guindos expires at the end of May 2026. A total of at least four Executive Board terms – including the presidency – are due for refilling by end-2027. Under EU law, nominees must be EU citizens with recognized experience in monetary or banking policy.

The ministry said Cabinet support for the draft nomination would allow the government to submit it formally. It added that the Ministry of Finance and Ministry of Foreign Affairs would work jointly to secure diplomatic backing for Kazāks at the EU level.