Kazaks' appointment as ECB Vice-President would be honor and opportunity for Latvia - Greens/Farmers MP

RIGA - If Bank of Latvia Governor Martins Kazaks becomes Vice-President of the European Central Bank (ECB), it would be an honor and opportunity for the whole of Latvia, Harijs Rokpelnis, chair of the Greens/Farmers group in the Saeima, told LETA.

Asked whether Greens/Farmers had any candidates in mind for the position of Governor of the Bank of Latvia, Rokpelnis said that it was still too early to start consultations on this matter, and that the eventuality of the current Saeima having to vote on this issue again was being kept in mind.

As reported, Martins Kazaks, the Governor of the Bank of Latvia, is being considered as one of two candidates for the position of Vice-President of the European Central Bank (ECB), according to a statement by Aurore Lalucq, Chair of the Economic and Monetary Affairs Committee, following Wednesday's informal exchange of views with the candidates for the position of ECB Vice-President.

On Wednesday, members of the Economic and Monetary Affairs Committee held an informal exchange of views with six candidates for the next ECB Vice-President.

The coordinators of the committee, representing the majority of its members, supported Kazaks and Mario Centeno as their preferred candidates for the position.

As reported, the government in December confirmed Kazaks' candidacy for the post of ECB vice president.

The current Vice-President of the ECB is Luis de Guindos, whose term of office ends on May 31, 2026.

The Ministry of Finance notes that Kazaks is an internationally recognized macroeconomist with extensive professional experience in monetary policy, financial stability, and the banking sector, and his nomination would significantly strengthen Latvia's representation in EU institutions.

Finance Minister Arvils Aseradens (New Unity) believes that the nomination of Kazaks to ECB management strengthens Latvia's ability to contribute to the development and financial stability of the euro area as a whole. Kazaks would be the first representative of Latvia and Eastern Europe in ECB top management, and this would be an important step toward strengthening Latvia's representation and competence in EU institutions, Aseradens said.

The Ministry of Finance notes that Kazaks meets all the requirements for the position laid out in the Treaty on the Functioning of the EU, including an impeccable reputation and excellent professional qualifications in monetary and banking matters.

LETA also reported that the Saeima approved Kazaks' appointment for a second term as Bank of Latvia Governor in February of last year.

Kazaks holds a bachelor's degree in economics from the University of Latvia, a diploma in economics from the University of Cambridge and a master's degree in economics and a PhD in economics from the University of London.

From 2005, Kazaks was Chief Economist in Latvia and Chief Macroeconomic Analyst in the Baltics at Swedbank, and from 2010 to August 2018, Deputy Chief Economist, Chief Economist, Swedbank Latvia and Head of Macroeconomic Research, Baltic Countries, Swedbank Group.

Kazaks has been a member of the Supervisory Council of the Bank of Latvia since August 2018, and in December 2019, the Saeima elected him Governor of the Bank of Latvia by 76 votes.