Exclusive: Estonian Finance Minister Ligi: ECB’s Müller Has “Very Good Track Record”

13 January 2026

By David Barwick – VIENNA (Econostream) – Following is the full transcript of the interview conducted by Econostream on Tuesday with Estonian Finance Minister Jürgen Ligi on the margins of the Central & Eastern European Forum.

Q: How likely do you think it is that Eesti Pank Governor Madis Müller will get the ECB vice presidency?

A: It’s hard to predict. He’s got a very good track record. He's financially conservative; not all candidates are, normally. But sure, some people have higher political ranking. I wouldn't want to advertise. The problem is that regionally, the competition is very tough: Finland, Estonia, Latvia, all are running.

Q: At some point, if it becomes apparent that Governor Müller is not likely to win, who would Estonia be most likely to support among the other candidates?

A: Hard to say. Hard to say at the moment. I haven't discussed it. Because Latvia is a very close neighbor, but [Bank of Finland Governor] Olli Rehn is my long-term friend, I would say, a close colleague at least. He's clearly a friend of Estonia, in Soviet times already. We have a very long history. Maybe his financial conservatism has been doubted, but we have to discuss that when the situation happens.

Q: Latvia is a close friend of Estonia, and so is Lithuania. So, it must be a very difficult decision.

A: Yeah, it is, that's what I'm saying. And our region actually has been underrepresented. Finland normally isn't. So, it's hard for me to answer this question at the moment.

Q: The vice presidency is just the first position of many that are going to be open in the next few years. Is it so much a matter of whether you get the vice presidency, or perhaps one of the other positions?

A: I don't know. I'm not looking that far. This is not the most important question as well. Europe will not fail in case of any candidate’s [appointment], and I can't see any danger that's influenced by any of the candidates.

Q: But it would be, in a sense, okay if Estonia came out of this well-positioned to get one of the other Executive Board seats that will come open, like Philip Lane's next year.

A: It would be nice to get something for Estonia as well. But I do not have a list of choices in the future.

Q: A few years ago, former Eesti Pank Governor Ardo Hansson could have gotten an ECB Executive Board seat. That could be seen as an argument for Estonia to be considered now.

A: It is, yes.

Q: In any case, the independence of the ECB is not in question, right?

A: Absolutely not. I hope it never will be. I didn't believe it could happen in America.