Olli Rehn, Governor of Suomen Pankki – Finlands Bank, has been elected as First Vice-Chair of the European Systemic Risk Board (ESRB) by the national members of the General Board with voting rights for a term of five years, in line with Regulation (EU) No 1092/2010.
Mr Rehn will replace Stefan Ingves after the end of the latter’s term of office as Governor of Sveriges Riksbank. The ESRB welcomed Mr Rehn to the role and expressed its gratitude to Mr Ingves for his highly valued contributions.
The ESRB, which is an independent EU body responsible for the macroprudential oversight of the financial system within the EU, is chaired by ECB President Christine Lagarde. It contributes to the prevention or mitigation of systemic risks to financial stability within the EU that arise from developments within the financial system. The ESRB also contributes to the smooth functioning of the internal market, ensuring the financial sector makes a sustainable contribution to economic growth.
Mr Rehn has been Governor and Chairman of the Board of Suomen Pankki – Finlands Bank and a member of the Governing Council of the ECB since 12 July 2018. He is also Governor of the International Monetary Fund for Finland.
Mr Rehn was Vice-President of the European Commission between 2011 and 2014. As a Member of the European Commission, he was responsible for enlargement between 2004 and 2010 and for economic and monetary affairs between 2010 and 2014. He has been a Member of the Finnish and European parliaments, serving as Vice-President of the European Parliament between 2014 and 2015. Mr Rehn served as the Finnish Minister of Economic Affairs between 2015 and 2016 and joined Finland’s central bank in 2017.
Mr Rehn holds a Doctor of Philosophy (DPhil) degree in international political economy from the University of Oxford. He is an adjunct professor (docent) in political science at the University of Helsinki and a member of the board of LUT University.
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