Lithuania nominates R. Šadžius for the position of Vice-President of the European Central Bank
The European Union Commission of the Government has approved the proposal of the Ministry of Finance to nominate Rimantas Šadžias, a three-time former Minister of Finance of the Republic of Lithuania, as Lithuania's candidate for the position of Vice-President and Member of the Executive Board of the European Central Bank (ECB).
"In the decade since the introduction of the euro, Lithuania has achieved exceptionally good economic results and has become one of the most striking examples of the benefits of the euro. Rimantas Šadžius's long-term experience as Minister of Finance, especially during Lithuania's accession to the euro area in 2015, is invaluable and deserves to be used on a European scale. It is also noteworthy that the Executive Board of the European Central Bank has so far not had a representative from the new Member States that joined the European Union after 2004. Proper geographical balance is an essential prerequisite for the legitimacy and effectiveness of every European Union institution", Minister of Finance Kristupas Vaitiekūnas emphasized.
R. Šadžius has over 16 years of practical decision-making experience at the highest levels of national government and European institutions, with a good understanding of macroeconomics, finance, fiscal and monetary policy. He has experience in maintaining high-level inter-institutional relations, implementing strategic structural reforms. In 2016-2022, as a Member of the European Court of Auditors, R. Šadžius specialized in the areas of EU banking and financial services, capital markets and economic governance.
"A strong euro is one of the essential guarantors not only of economic prosperity, but also of European security, therefore the activities of the European Central Bank are of particular importance. Once we drew experience from other European countries, and now we are the ones who can share our knowledge and experience with others. I believe that my accumulated experience can be successfully used in the activities of the ECB", R. Šadžius stated.
Euro area member states can nominate candidates for the position of Vice-President of the ECB until 9 January 2026.
The European Central Bank (ECB) is an official EU institution, the axis of the Eurosystem and the Single Supervisory Mechanism. The ECB manages the euro, formulates and implements the EU's economic and monetary policy, sets interest rates, manages the euro area's foreign exchange reserves, etc. The Bank's main objective is to maintain price stability while supporting economic growth and job creation.
The ECB’s Executive Board consists of the President, the Vice-President and four members. All members are appointed by the European Council by qualified majority for a term of eight years, after consideration of the candidatures by the Eurogroup and the Council of Economic and Financial Affairs Ministers (ECOFIN) and after consultation with the European Parliament and the ECB.
The ECB’s headquarters are in Frankfurt am Main, Germany.
Last updated: 06-01-2026
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