Olli Rehn, Economic and Monetary Affairs
(Finland, Liberal)

Background

Before becoming Economic and Monetary Affairs Commissioner, Olli Rehn held the Commission’s Enlargement portfolio. Rehn also briefly served as European Commissioner for Enterprise and Information Society (July-November 2004) when he replaced Erkki Liikanen, who left the Commission to become Governor of the Bank of Finland. As the Commissioner for Enlargement, Rehn presided over the accession of Bulgaria and Romania in 2007, as well as continuing negotiations with Croatia and the opening of negotiations with Turkey. Prior to joining the Commission, Rehn was economic advisor to the Finnish Prime Minister.  A keen footballer, Rehn played for his hometown club Mikkelin Palloilijat in Finland's top division in his youth. When not tackling Europe’s economic crisis, he has devoted some time to playing for the football teams of the Finnish Parliament as well as the European Commission.

 

Stated objectives on taking office

• To ensure an EU response to the financial crisis in Europe;
• To maximise all EU tools to ensure a return to growth and higher rates of employment;
• To help coordinate the financial package of aid to Greece and ensure that the problems do not spread elsewhere;
• To create a proposal for a permanent crisis resolution mechanism so that earlier economic coordination at the EU level will help ensure that future financial crises in Europe are averted.

Members of the Cabinet

Timo PESONEN, Head of Cabinet
Stéphanie RISO, Deputy Head of Cabinet
Vesa VIHRIÄLÄ, Adviser, Relations with the European Central Bank and EU 2020 Strategy
Taneli LAHTI, Member, Euro Coins and Notes, Member State Economic Situation Surveillance
Risto ARTJOKI, Member, Eurostat, Financial Programming and Budget
Nina HYVÄRINEN, Member, Coordination with International Financial Institutions
Amadeu ALTAFAJ TARDIO, Spokesperson

 

Main actions to date

• Coordinating an unprecedented financial rescue package for the ailing European economy. Along with EU finance ministers, Rehn agreed to emergency measures worth €750 billion to restore faith in Europe’s monetary union;
• Arguing that the EU should look to broader and deeper surveillance of national economic policies;
• Achieving consensus among the Member States and reinforcing economic governance in the European Union.

What to expect

Since taking office, Olli Rehn has arguably been one of the busiest European Commissioners, primarily focusing his efforts on coordinating a European solution to Greece’s financial woes. In order to maintain Europe’s competitiveness, Rehn is also calling on countries such as Spain and Portugal to swiftly reduce their budget deficits while at the same time urging other stronger economies such as Germany to sustain the EU’s economic development. In order to ensure an effective coordinated exit strategy from the current crisis, Commissioner Rehn will need to establish the basis for sustainable and smart growth across all member states. In this regard, the primary challenges facing the Commissioner will be to ensure fiscal consolidation together with structural measures to encourage growth and the capacity to create employment across all member states.