The Executive Board of Eesti Pank appointed Andres Sutt as Senior Advisor to the IMF's Nordic-Baltic Constituency. Andres Sutt will assume his new position in August this year.
This is a customary rotation of offices among the eight countries making up the constituency. The main tasks of the Senior Advisor include analysing the economic development of IMF's member countries and international economic policy issues, representing the constituency and its views at the IMF's Executive Board, and coordinating Estonia's relationships with the IMF in the fund's headquarters. In order to fulfil the position, Eesti Pank organised an internal competition at the beginning of 2009.
Andres Sutt commented on his new career choice as follows: "Eight years as Deputy Governor of Eesti Pank has been a long period and I think the time has come to make changes. The IMF will provide me with the possibility of continuing with an international career and also supporting cooperation between Estonia and the IMF.
As Deputy Governor responsible for financial stability I am very pleased the recent decisions we have made at Eesti Pank to secure financial stability and cooperation agreements concluded with European central banks allow me to face new challenges without qualms.
The Estonian banking sector has been resilient to the adverse economic conditions and cooperation with Nordic countries, especially Sweden, has been very good. Promotion of cooperation between central banks has always been one of my priorities. I believe it is cooperation that helps us feel more confident that our banking sector will manage with the global financial crisis."
The IMF's Nordic-Baltic Constituency consists of Estonia, Latvia, Lithuania, Finland, Sweden, Norway, Iceland and Denmark. The views of the Nordic-Baltic Constituency at the IMF are represented by the Nordic-Baltic Office in Washington. The Office is chaired by the Executive Director and its staff comprises an Alternate Executive Director, two Senior Advisors, four Advisors and two permanent Administrative Assistants. The Executive Director, the Alternate Executive Director and the Senior Advisors also hold the IMF's Executive Board membership status. In order to fill the Nordic-Baltic Office's positions, the Nordic countries appoint the Executive Director, the Alternate Executive Director, one Senior Advisor and two Advisors and the Baltic countries appoint one Senior Advisor and two Advisors.
