Harvard-educated Ardo Hansson elected the next governor of Eesti Pank

12.10.2011, 10:00

Supervisory board of Estonian central bank Eesti Pank elected Ardo Hansson, a Harvard-educated economist at the World Bank, as a successor to current governor Andres Lipstok who is due to step down next summer.

The eight-member board voted 5-3 yesterday to elect Hansson over Andres Sutt, an adviser at the International Monetary Fund.
Hansson’s seven-year term starts on June 8, 2012, pending a background check and formal confirmation by President Toomas Hendrik Ilves.

Hansson, 53, a Chicago-born son of Estonian immigrants with a Ph.D. in Economics from Harvard University, has been the World Bank’s lead economist for China since 2008.

After Estonia regained independence in 1991, Hansson worked as an adviser to several prime ministers and, together with Jeffrey Sachs of Columbia University, was among the architects of the Estonian kroon, later replaced by the euro in January. He will be the first U.S. national on the ECB’s governing council.