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ECB’s Rehn to Seek Another Term as Head of Finnish Central Bank

By Kati Pohjanpalo
Olli Rehn, governor of the Bank of Finland, following a Bloomberg Television interview at the central bank in Helsinki, Finland, on Tuesday, June 25, 2024. "If you look at market data, it implies that there would be two more rate cuts so that we would end up at 3.25% by the end of this year and, with the terminal rate — somewhere around 2.25%, 2.50%," Rehn said. Photographer: Roni Rekomaa/Bloomberg (Roni Rekomaa/Bloomberg)

(Bloomberg) -- European Central Bank Governing Council member Olli Rehn is seeking a second seven-year term as the governor of Finland’s central bank.

“I have enough energy and motivation to continue working as the governor of the Bank of Finland, if I am elected, and to weigh in at the ECB Governing Council,” Rehn said in an emailed response to questions, confirming a report by STT news agency earlier on Friday. The current stint of the 62-year-old, a former European Union commissioner, runs until July 12, 2025.

The parliamentary supervisory council of the Finnish central bank decided to make the position open for applications, it said in an earlier statement. President Alexander Stubb has the final word in the appointment of the new governor.

Rehn has been pegged as one of the neutral members of the governing council. The ECB on Thursday lowered interest rates for the third time this year, delivering back-to-back cuts as the euro-zone economy struggles. 

Rehn took part in the race to become the president of the Nordic country earlier this year, emerging as fourth in the first round of voting.

The Bank of Finland governor sits at the ECB’s round table in Frankfurt, where monetary policy decisions are made for the 19 euro nations.

©2024 Bloomberg L.P.