On Friday, 19 May the President of the Republic received Mart Sõrg, the Chairman of the Board of the Bank of Estonia, and asked him to notify the members of the Board that he does not regard it possible to consent to the proposal of the Board to appoint Mart Opmann as the President of the Bank of Estonia.

The President referred to the need to preserve the independence of the Bank of Estonia and to orient Board members at the same time to finding a candidate that could efficiently represent the interests of the Bank of Estonia in the European Central Bank Council. With the accession of Estonia to the European Economic and Monetary Union the head of the Bank of Estonia will automatically become a member of the European Central Bank Council.

The President of the Republic invited the Board of the Bank of Estonia to a consultation at Kadriorg this coming Monday.


Press Service of the Office of the President
Kadriorg, May 19, 2000

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