The statute of the Fiscal Council requires the Eesti Pank Supervisory Board to nominate the Fiscal Council’s Chair, Vice-Chair and four members for a period of office of five years at the proposal of the Governor of the central bank. Members of the Council must have unblemished reputations, at least a Master’s degree or equivalent in economics, and experience necessary for the Fiscal Council to fulfil its functions. Members of the Fiscal Council may not have a job or other position that could affect the independence of the Council in its work.
On 14 May 2014 the Supervisory Board appointed the first membership of the Fiscal Council, with Professor Raul Eamets, Head of the Chair of Economic Theory at the University of Tartu, as Chair.
Financial expert Andrus Alber was appointed as Vice-Chair. The council is independent and its role is to assess Estonian fiscal policy. Fiscal Council members are Urmas Varblane, Professor of economics at the University of Tartu; Andres Võrk, an analyst at the political research centre PRAXIS; Ülo Kaasik, Deputy Governor of Eesti Pank; and Martti Randveer, Head of the Economics and Research Department at Eesti Pank.
