Daily Management Review

Rehn To Become The Bank of Finland’s Governor & A Member Of The ‘ECB Council’


05/23/2018


Rehn beats nine other applicants and bags the position of the Bank of Finland’s governor.



The ex-economic official of the EU, Olli Rehn, is offered the post of the Bank of Finland’s Governor from last week. The said term period lasts for “seven-year term effective from July”, as reported by the government of Finland.
 
At present, Rehn holds the position of the “deputy governor” in the bank, while he was favoured widely as suitable for the “top job”, including “a seat on the European Central Bank’s interest rate-setting Governing Council”. In his 56 years, he holds an Oxford doctorate degree, while a decade long experience at the “European Commission” besides serving at the “economic and monetary affairs commissioner” and manoeuvring through the “euro zone debt crisis”.
 
The crisis management made him a known figure for “advocating strict fiscal discipline and structural reforms” in the trouble states of the bloc. Last week, Rehn gave out a “cautious note” sounding the euro-zone’s “economic outlook”, whereby informing the area underwent “downside risks” as uncertainty hovers over “public finances and banks of some member countries”.
 
Rehn is from the Centre Party of the Prime Minister Juha Sipila. He has also experienced “a short stint” as the Economy Minister of Finland supporting the government to secure a “historic labour reform deal with trade unions”. Rehn left behind “nine other applicants” for the above mentioned post. Among the other applicants was Pentti Hakkarainen, an “ECB supervisory board member”, who offered his “economic and monetary policy” views besides his “international policymaking” experience.
 
The current governor of the Bank of Finland, Erkki Liikanen will be stepping down from his post after serving his “two terms” and Rehn will take up the post on July 12, 2018, while no “major policy changes are expected” following the said transition.
 
 
References:
reuters.com







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