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Estonian Finance Minister to Run for Central Bank Governor

Aug. 30 (Bloomberg) -- Estonian Finance Minister Juergen Ligi will run for the job of the Baltic nation’s central bank governor when Andres Lipstok’s term expires in June.

Ligi said his “key assets for the job of Estonian central bank governor are the experience in managing Estonia’s economy and the knowledge of the eurozone finances,” according to a statement e-mailed by the Finance Ministry.

The 52-year-old Ligi was asked to apply for Lipstok’s position by Jaan Mannik, the bank’s supervisory board chairman. Lipstok, whose seven-year term ends June 6, 2012, became a voting member of the European Central Bank council when Estonia adopted the euro on Jan. 1. He can’t be re-elected.

The bank plans to release the names of candidates tomorrow, Viljar Raask, a central bank spokesman, said today.

The central bank’s eight-member supervisory board will meet Sept. 6 to draw up a list of two to four candidates, Mannik said in June. Lipstok’s successor must be backed by five board members and approved by Estonian President Toomas Ilves.

Ligi, who has degrees in geography and international economies from Tartu University in Estonia, oversaw the implementing of austerity measures equal to 9 percent of economic output in 2009 for the country to remain on course to adopt the euro. He was reappointed in April after the ruling coalition won a larger majority in March elections.

Other candidates for the job are Ardo Hansson, the World Bank’s chief economist for China; Andres Sutt, a senior adviser at the International Monetary Fund; Aare Jarvan, an adviser to Prime Minister Andrus Ansip and Andres Tupits, a senior associate with the Sorainen legal office in Tallinn, Baltic News Service reported on Aug. 25, citing central bank board member Kalev Kallo.

To contact the reporters on this story: Ott Ummelas in Tallinn at

To contact the editor responsible for this story: Balazs Penz at

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