ECB’s Müller Sees Vice Presidency as Natural Fit

6 January 2026

By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Madis Müller on Tuesday signaled strong interest in becoming the next ECB vice president, arguing that his experience and timeline aligned well with the role.

Müller’s term at the head of Eesti Pank ends on June 6, 2026, days after current ECB Vice President Luis de Guindos’ mandate expires on May 31, 2026.

The Estonian central bank chief reminded Estonia’s public broadcaster ERR that the ECB vice presidential portfolio has traditionally centered on financial stability and financial-sector issues—an area he noted had closely matched his own track record.

“As Deputy Governor of Eesti Pank, before I took up my current position, I was also responsible for this area, and I think I am sufficiently familiar with these issues. I have also taken a more active role in the Governing Council of the European Central Bank on these issues,” Müller told the broadcaster.

“I think that my professional background is definitely suitable and I would be interested in contributing. And fittingly, my term of office at Eesti Pank ends at the same time as the current Vice-President of the European Central Bank. So I think in that sense, it’s like everything fits well,” he added.

Estonia’s finance ministry is expected to submit his candidacy formally by January 9, ERR confirmed, after which Tallinn would step up outreach to other euro area capitals.

“Every minister of a country should present and defend their candidate. We have an agreement that if my candidacy is formally submitted in the near future, the Ministry of Finance will definitely deal with it so that we can also make phone or video calls and then directly introduce my background to more finance ministers,” Müller told ERR. “I think it will now be in the next week or two,” he added.

“This process is not too long either, according to preliminary information, they will probably discuss it as early as January 19 and maybe then reach some kind of result,” Müller explained. As reported by Econostream last month, the Eurogroup has a meeting that day at which it may coalesce around a preferred candidate.

Asked whether Estonia’s reputation for fiscal conservatism could shape perceptions of his bid, Müller suggested that ministers were likely to focus on candidates’ monetary policy instincts, and he acknowledged a tendency toward restraint on his part.

“I imagine that what is likely to be looked at is what kind of policies and decisions and monetary policy direction any of us have, as all the candidates have also been members of the Governing Council of the European Central Bank, expressed and preferred in their decisions. I would say that perhaps I have also leaned towards the side of the supporters of a more conservative and not too loose monetary policy,” he said.

Müller nevertheless presented himself as realistic about the politics around senior euro-area appointments. “I have to say that it is difficult for me to [predict an outcome], as it is quite a political process. I think that all of them are strong candidates, and I cannot see into the heads of the finance ministers and cannot predict what exactly they will be based on. So I can’t really assess my chances.”

Still, he argued that professional preparedness should remain the anchor of the decision, while acknowledging that geography and precedent can matter in practice. “I believe that the first criterion should still be the candidate’s professional readiness and background,” he said, adding that officials also look for balance among countries and consider which member states have previously held Executive Board seats.

In Estonia, Finance Minister Jürgen Ligi has already spoken warmly of Müller’s suitability for the job, with ERR reporting that Ligi described him to Estonian financial newspaper Äripäev as a strong fiscal conservative who would fit well as ECB vice president.