Members of the Fiscal Council
Peter Lõhmus worked for some two decades as a financial expert at the International Monetary Fund (IMF) in Washington. He was also an advisor to the European Commission in 2009‒2013 and Deputy Governor of Eesti Pank in 1997‒2000. He now works as a consultant on various projects at the IMF and the World Bank and is Chair of the Supervisory Board of the think tank Praxis and of the Open Estonia Foundation.
Peter Lõhmus graduated from the Faculty of Economics of Tallinn University of Technology and has a Master’s degree in economic policy management from Columbia University in New York in the USA.
Viljar Arakas is a founder and chairman of the management board of EfTEN Capital, the largest real estate fund manager in the Baltic states. Previously he was chair of the board at the real estate company Arco Vara. As well as sitting on the boards of several businesses he has been a board member at the Estonian Service Industry Association and at the Riigireformi Sihtasutus.
Viljar Arakas has a Master’s degree from EBS (Estonian Business School).
Robert Kitt is an experienced leader in the banking industry and an expert in economics, and is currently heading the district heating company of the Utilitas Group since 2021. He has earlier been involved in managing several companies, private associations and civil society organisations, and was a member of the think tank advising the President of the Republic.
Robert Kitt defended his Doctorate in Physics at Tallinn University of Technology in 2005 and has later been a researcher and a lecturer at that institution.
Madis Müller was Governor of Eesti Pank in 2019‒2026 and was at the same time on the Governing Council of the European Central Bank and the Supervisory Boards of Finantsinspektsioon and the Guarantee Fund. He was earlier a portfolio manager at International Finance Corporation and an advisor at the World Bank and to the Prime Minister and the Minister of Finance of Estonia.
Madis Müller holds a Master’s degree in Finance from George Washington University in the USA, and CFA and FRM licences.
Martti Randveer has been Deputy Governor of Eesti Pank since June 2026. Prior to that he headed the Economics and Research Department of the central bank for fifteen years, and the research division for ten years before that.
Martti Randveer graduated in Economics from Tallinn University of Technology and holds a Master’s degree and a Doctorate in economics from the same institution.
Karin Jõeveer is the Director of the Department of Economics and Finance at Tallinn University of Technology. She has carried out research at the London School of Economics and lectured at several different universities in the United Kingdom.
She holds a Master’s degree in economics from the University of Tartu and a doctorate from the Center for Economic Research and Graduate Education – Economics Institute (CERGE-EI) at Charles University in Czechia.
