Olli Rehn is applying for a new seven-year term at the head of the Bank of Finland

Director general Olli Rehn applies for a new seven-year term at the head of the Bank of Finland. Rehn told STT about it.

The Bank of Finland previously reported that the parliament’s banking committee decided at its meeting on Friday to start the application process to fill the position of CEO. Applications for the position of general manager must be submitted by November 8.

Rehn’s seven-year term of office, which began in 2018, will end next July.

Rehn says that he plans to draft a job application this weekend.

“Suomen Pankki is in good shape and [Euroopan keskuspankin] The ECB’s monetary policy is also starting to turn into the right position. There is enough energy and motivation to continue working [Suomen Pankin] as CEO, if I am elected, and in the ECB Council,” Rehn writes to STT.

The governor of the Bank of Finland belongs to the highest decision-making body of the Eurosystem, i.e. the ECB’s monetary policy decision-making council.

Applications for the role of the CEO must be submitted to the Banking Council by November 8. The Banking Council makes a nomination proposal for the position to the Government. The final decision on appointment to office is made by the President of the Republic on the proposal of the Government.

The statutory eligibility requirements for the position are a higher university degree suitable for the position and a good familiarity with monetary economics or financial activities, as well as practically demonstrated management skills and management experience.

Olli Rehn has held the position of Governor of the Bank of Finland since July 2018. He was previously held by Erkki Liikanen for two seven-year periods starting in 2004.