In a widely-expected move, Finnish President Sauli Niinistö on Friday appointed Olli Rehn as the new Governor of the Bank of Finland. That is a promotion for long-time European Commissioner Rehn, who has served as Deputy Governor of the central bank for a year and a half.
The Finnish Parliament’s banking committee unanimously nominated Rehn for the job in April. He will officially take the reins on 12 July. He is to hold a press conference on Friday afternoon.
Shadowing Liikanen’s career
Rehn, 56, takes over from Erkki Liikanen, Finland’s first member of the European Commission, whose career path he has been trailing.
Rehn took over Liikanen's post on the Commission when the latter became governor of the Bank of Finland, and now takes over his job at the central bank. Liikanen, 67, steps down in June after a second seven-year term.
Both Rehn and Liikanen are former MPs and ministers, with Rehn serving as economic affairs minister and Liikanen as finance minister.
In Brussels, Rehn rose to become Commissioner for Economic and Monetary Affairs and the Euro, as well as Vice-President of the European Commission. He has also served two stints as a member of the European Parliament, in the mid-90s just after Finland joined the EU, and again in 2014–2015.
Finland’s central bank once wielded the power to revalue the currency, with far-reaching economic repercussions. Its significance has dwindled in the nearly two decades since Finland adopted the euro in January 1999.
