Jüri Jaakson was one of the most important statesmen in the history of Estonia. He was appointed Governor of Eesti Pank in 1926 and he built it into a modern and reliable institution that played an important role in the economic life of the country. As governor of the bank he was a key figure in designing and managing a central bank and monetary system that met international standards. He presided over the monetary and banking reform that made Eesti Pank into a true central bank with the sole right to issue currency. It issued the Estonian kroon and became a founding member of the Bank for International Settlements, which was a significant honour for the Estonian state. Jaakson also held several other important positions in independent Estonia and was an economic adviser to the state and later a member of the Council of State.

 

Jaan Tõnisson wrote of Jaakson in the newspaper Postimees of 16 January 1930 that he was not only one of the nicest but also one of the most intelligent figures in Estonian public life. He was widely respected in public life, where he had worked for decades and taken many leading positions without being close to or distant from public enemies.

 

By working for the national government of his home country from the first opportunity, Jaakson helped to design the freedom of the nation, Tõnisson continued. He was one of the first to conceive of the idea of national independence for Estonia.

 

His role in the Council of State and in leading it under various circumstances was as important as his powerful contributions to the provisional government and the first governments of the republic. When the government was in need of a strong and decisive man to lead it, Jüri Jaakson accepted the challenge because it required clarity of vision.