On Tuesday, the government approved the candidacy of the President of the Bank of Latvia, Martins Kazaks, for the position of Vice President of the European Central Bank (ECB).
The government has tasked the Ministry of Finance and the Ministry of Foreign Affairs to jointly lobby for Kazaks' candidacy for the position of Vice President of the ECB.
Additionally, the Ministry of Finance has been instructed to notify the Council of the European Union about Latvia's nomination of Martins Kazaks for the position of Vice President of the ECB.
According to the EU Treaty, the ECB's governing council consists of a president, a vice president, and four members. The president, vice president, and other members are appointed by the European Council by qualified majority on the recommendation of the Council of the EU after consultations with the European Parliament and the ECB Council. Candidates must have an impeccable reputation and professional experience in monetary or banking matters.
The term of office for members of the ECB's governing council is eight years and is not renewable. Only citizens of EU countries can be members of the ECB's governing council. By the end of 2027, the ECB governing council will need to reappoint four members of the council, including the president and the vice president, considering the terms of the current members.
The term of the current Vice President of the ECB will expire in May 2026, providing Latvia with the opportunity to nominate its candidate for the position of Vice President of the ECB.
Currently, the Vice President of the ECB is Luis de Guindos, whose term expires on May 31, 2026.
The Ministry of Finance emphasizes that Kazaks is an internationally recognized macroeconomist with extensive experience in monetary policy and the banking sector. His nomination would significantly strengthen Latvia's representation in the structures of the European Union.
Finance Minister Arvils Aseradens believes that Kazaks' nomination to the ECB leadership expands Latvia's ability to influence the development of the eurozone and maintain financial stability. "Kazaks would be the first representative of Latvia and Eastern Europe in the top management of the ECB, which would be an important step in strengthening our country's representation and competencies in EU structures," noted Aseradens.
The Ministry of Finance emphasizes that Kazaks fully meets the requirements of the EU Treaty for appointment to the position, including an impeccable reputation and high professional qualifications in monetary policy and banking.
As reported, Kazaks was elected for a second term as the President of the Bank of Latvia in February of this year.
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