On Thursday, November 27, the Ministry of Finance prepared a draft order to nominate the president of the Bank of Latvia, Martinš Kazaks, for the position of Deputy Governor of the European Central Bank Christine Lagarde.
According to the Latvian Ministry of Finance, Kazaks is an internationally recognized macroeconomist with extensive professional experience, and his nomination would significantly strengthen Latvia's representation in European Union institutions.
Finance Minister Arvils Ašeradens claims that Martinš Kazaks meets all the requirements of the Treaty on the Functioning of the European Union, including an impeccable reputation and outstanding professional qualifications in monetary and banking matters.
As reported by bb.lv from the Ministry of Finance, Kazaks obtained a bachelor's degree from the University of Latvia, a diploma in economics from the University of Cambridge, a master's degree with distinction, and a doctoral degree without distinction 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 analytical positions at the Swedbank Group, where he headed the macroeconomic research department for the Baltic countries.
Since August 2018, M. Kazaks has been working on the Council of the Bank of Latvia, and in December 2019, he was elected president of the Bank of Latvia while simultaneously starting work on the ECB Council.
Kazaks was controversially re-elected for a second term as president of the Bank of Latvia in February 2025. His candidacy was initially rejected, but then, in the absence of better options, he was returned to the state bank for a few more years.
The position of Deputy Governor of the ECB will become vacant in May 2026, and by the end of 2027, the European Central Bank will need to re-elect four members of the board, including the chairperson.
