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Articles by Olli Rehn
Monetary policy in testing times - power politics and AI
Ladies and gentlemen, Good morning, everyone. It is a pleasure to be here at the Citi Macro Forum to discuss the economic outlook and the challenges facing monetary policy in exceptionally testing times. Slide 2. Europe is resilient – but under geopolitical and technological pressure Let me focus on three themes today. First, the resilience of the European economy in the face of geopolitical shocks. Second, the opportunities and challenges created by the AI revolution.
Reinforcing Europe’s financial resilience – and growth potential
Ladies and Gentlemen, Dear Colleagues and Friends, It is a great pleasure to address this special annual conference, marking 15 years of the European Systemic Risk Board. Its birth was not easy: the ESRB was created in the middle of the euro sovereign debt crisis. Before that, the global financial crisis had exposed serious gaps in EU financial supervision. In response, the European Commission appointed a High-Level Group chaired by Jacques de Larosière.
Back to school - passing Europe's triple test
Ladies and Gentlemen, Dear Colleagues and Friends, It is a great pleasure to address OMFIF's Nordic SSA Forum, here at the premises of the Nordic Investment Bank. Now that the summer holidays are over, this event provides us with a perfect opportunity to take stock of the tasks ahead. The children are back at school, so it is time for us as well to roll up our sleeves and get back to work.
Advancing digital financial literacy in Finland
Dear Colleagues and Friends of Financial Literacy, Good afternoon! It is a great pleasure to welcome you today to the launch of Finland’s Digital Financial Literacy Strategy. It is always a delight to gather here at the Bank of Finland Museum, which is such an important hub for financial education.
Europe still needs forward guidance — but not as a straitjacket
The writer is governor of the Bank of Finland and a member of the governing council of the European Central Bank.
Olli Rehn: Systemic risk, resilience and competitiveness in a changing technological landscape
Dear Ladies and Gentlemen, Colleagues and Friends, Let me wish you a very warm welcome to the 11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics. It is a great honour and pleasure to see so many of you here today, both in person and online. As we all know, the world is changing at an accelerating pace.
Olli Rehn: Europe's economy under the weight of power politics
Presentation accompanying the speech Your Excellencies, Dear Colleagues and Friends, Welcome to the Bank of Finland! It is really nice to see so many of you again. Today I will discuss the euro area economic outlook and the European Central Bank's monetary policy under the weight of power politics. As Elisa Newby mentioned, our Head of Forecasting, Juuso Vanhala, and his colleagues have the unenviable task of evaluating Finland's growth outlook under these difficult conditions.
Olli Rehn: A European safe asset - from crisis pragmatism to strategic necessity
Dear Colleagues and Friends, It is my great pleasure and honour to welcome you to this ESRB Joint Workshop on 'A European safe asset and financial stability'. Let me first thank the organisers and warmly welcome our distinguished speakers and panellists – and all of you joining us, both in-person and online. I am particularly pleased to see such a strong group of policymakers, academics, and market practitioners gathered here.
Olli Rehn: Geopolitical turmoil and the eurozone
Presentation accompanying the speech Chair, Ladies and Gentlemen, Dear Friends, Thank you for the invitation to give a talk and exchange views with this distinguished audience today. Let me provide you with a European perspective and divide my introductory remarks into three parts. I'll first look at the ramifications of the Middle East conflict and the energy crisis for the euro area. Second, I'll discuss making monetary policy based on the ECB's strategy.
Olli Rehn: How to navigate geopolitical turmoil in central banking? A European perspective
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, Thank you for the kind invitation to discuss with distinguished colleagues and an influential audience. Our discussion on the global environment of central banking could hardly be more timely – to my regret.
Europe at the Edge of Power
Editor’s note: The following essay is based on a speech delivered recently by Olli Rehn, Governor of the Bank of Finland, at the Bank of Finland’s biannual lunch for EU Heads of Mission in Helsinki. What emerges most clearly is that geopolitics can no longer be treated as a distant backdrop to monetary policy or macroeconomic analysis.
Olli Rehn: Europe and Finland – resilience under the shadow of power politics
Presentation accompanying the speech Your Excellencies, Dear Friends, Hello and a very warm welcome to the Bank of Finland. This lunch seminar at the start of the holiday season is definitely one of the highlights of our calendar. I am delighted to see you here today, and I look forward to the lively discussion that is always an essential part of this gathering.
Olli Rehn: Money and the monetary system - case Finland, 1811-2030
Presentation accompanying the speech Let me begin by thankingTampere Universityfor inviting me to give this lecture today. It is truly a great pleasure and an honour, as your university conductsfirst-class research in the social sciences, including economics. The Finnish Centre of Excellence in Tax Systems Research is a well-known case in point. I can personally testify to the quality of the education here because my dear wife holds aMaster of Social Sciences degreefrom the University of Tampere.
Olli Rehn: Europe and the euro in a changing international monetary system
Presentation accompanying the speech Ladies and Gentlemen, Dear Colleagues and Friends, It's a real pleasure to be back at the Peterson Institute, a place that for decades has helped shape how we think about the world economy: fact-based, open-minded, and not afraid to challenge conventional wisdom. We meet at a moment when geopolitics and protectionism are reshaping the global economy. We have entered an era that isless rules-based and more power-based.
Olli Rehn: On Nordic influence in Europe
Dear Trilateral Colleagues, Dear Friends, Bästa nordiska vänner, Varmt välkomna till Finland och Finlands Bank! May I first wish you a very warm welcome to the Bank of Finland! It is a pleasure − and an honour − to host this Nordic evening of the Trilateral Commission, which exists for one very simple reason: to help liberal democracies on three continents talk to each other.
Olli Rehn: Monetary policy in the shadow of geopolitics and trade tensions
Presentation accompanying the speech Ladies and Gentlemen, It is my great pleasure and honour to welcome you all to the Bank of Finland's 4th monetary policy conference on the timely and critical topic of "Monetary policy in the shadow of geopolitics and trade tensions." This is a subject of critical importance today. Politics and economics have always been intertwined, but now geopolitical tensions and tariff wars make up a unique set of challenges.
Olli Rehn: Securing Europe's future - financial resilience and strategic investment
Professor Johnson, Ladies and Gentlemen, It is a great pleasure to welcome all of you – both in person and online – to the 10th Joint Conference on AI and Systemic Risk Analytics. We are honoured to host this anniversary together with RiskLab Finland and the European Systemic Risk Board. Back in 2015, the first SRA conference focused on topics like contagion, systemic risk, big data, and macroprudential policy. Those themes remain just as relevant today. But we've also seen a significant shift.
Olli Rehn: Europe's triple test - defence, decarbonisation and dynamism
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, Thank you for the kind invitation to contribute to the newly launched OECD lecture series by central bank governors. That said, I usually try to steer clear of full-blown lecturing – so I look forward to a lively dialogue following my opening remarks! It is a real pleasure to be back at the OECD.
Olli Rehn: Walking a fine line - the European economy and ECB monetary policy in a shifting global landscape
Presentation accompanying the speech Let me first thank the LCMA [Lorenzo Codogno Macro Advisors] for inviting me to speak at this conference. To kick off, I will briefly discuss the ongoing change in the global landscape and its implications for the economic outlook in the euro area and for the ECB's monetary policy. Slide 2. Geopolitics overshadowing the economy Today, we are on the cusp of profound changes in the global trading and economic relations.
Olli Rehn: Europe at the crossroads - common defence, re-emerging economy?
Presentation accompanying the speech Dear Friends of Bruegel and the Bank of Finland, It is a great pleasure to celebrate with you all today both the 20thanniversary of Bruegel and the 30thanniversary of Finland's membership of the EU. It is indeed an honour to organise and hold this conference together with Bruegel and to celebrate Europe Day. The founders of Bruegel were truly visionary 20 years ago.
Olli Rehn: Macroeconomic policy in times of global political upheaval
Ladies and Gentlemen, Colleagues and Friends, Welcome to the sunny, spring-time Helsinki. On behalf of the Bank of Finland and the Centre for Economic Policy Research, it is my great pleasure to open this year's research conference on monetary economics – which again has an excellent and a most fascinating programme! Let me begin with a mission statement – and a confession.
Olli Rehn: The European economy in the new landscape of power politics and trade protectionism
Chair, Ladies and Gentlemen, dear Colleagues, Thank you for the invitation to speak today. InThe Wealth of Nations, Adam Smith wrote:"It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy."This remains a timeless truth. International trade – grounded in a rules-based multilateral order – has long been a pillar of prosperity. Today, that system is under pressure.
Olli Rehn: In science we trust? European enlightenment in the harsh world of geopolitics
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, Thank you for the invitation to speak at the EU's Joint Research Centre in Seville! It is an honour to be here and to have the opportunity to share my thoughts with you on the European project and the building of our Union – especially in the face of the ongoing shifts in geopolitics. This reminds me of my first visit to Seville.
Olli Rehn: Eurozone outlook and European Central Bank monetary policy
Presentation accompanying the speech Let me first thank MNI for inviting me to speak at this conference. To kick off, I will briefly discussthe economic outlook in the eurozone and the current lines of thought in the ECB's monetary policy. In presenting my remarks here, I will focus particularly on how the significant shifts in world politics of recent weeks will, in my view, affect the euro area economy and the European Central Bank's monetary policy.
Olli Rehn: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
Thank you for inviting me here today to discuss how I intend to conduct my duties as the First Vice-Chair of the European Systemic Risk Board (ESRB). Let me begin by saying that as a former Vice-President of this House and of the European Commission, I hold dialogue with Parliament in the highest regard. I trust we are all aware of the hazardous complexities of our time. History seems to be experiencing a sudden jolt of acceleration – into reverse.
Olli Rehn: Global economy - fragmentation, decoupling or slowbalisation?
Presentation accompanying the speech Distinguished Guests, Ladies and Gentlemen, Dear Friends, Let me start by thanking the Hong Kong Monetary Authority for hosting this topical and thought-provoking conference. Discussing the changing global economy in "Asia's World City" is, of course, very appropriate. I would also like to thank the representatives of the European Central Bank for their involvement in putting together the programme for this excellent event.
Olli Rehn: Addressing systemic risks to financial stability in the European Union
Presentation accompanying the speech Esteemed members of the CFA Institute Systemic Risk Council, May I first thank the Systemic Risk Council for the invitation. It is a great honour to speak before such a distinguished audience. I am looking forward to hearing your views and I hope we can have a lively discussion after my talk.
Olli Rehn: The European economy under pressure - how is geopolitics impacting trade, finance and competitiveness?
Accompanying presentation of the speech Your Excellencies, Distinguished Guests, Ladies and Gentlemen, Let me warmly welcome you to this traditional lunch event at the Bank of Finland. It is an honour and pleasure to meet with you today, at the start of the week that culminates to the Finnish Independence Day. As EU Heads of Mission, your role is pivotal in helping shape our collective future, and I am grateful for the opportunity to engage with you.
Olli Rehn: Disinflation on track amid geopolitical uncertainty
Let me first thank UBS for kindly inviting me to address this distinguished audience. To kick off, I will briefly discussthe economic outlook in the euro area and the ECB's monetary policy approach. Overall, it is fair to say that the ECB's monetary policy has been relatively successful in taminginflation. Rate hikes have helped keep inflation expectations anchored to around 2%.
Olli Rehn: Europe in search of growth and productivity in the shadow of geopolitics
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, Let me begin by thanking the Peterson Institute for inviting me to speak at this year's Macro Week. It is a great honor to share my views with such a distinguished audience. I have followed the Institute since nearly its inception, as Fred Bergsten's book was part of our coursework when I was studying economics and international relations in Minnesota.
Olli Rehn: Old and new frontiers of the ESRB - systemic risk, non-banks and data analysis
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, Good morning everyone! May I also welcome you all and thank the secretariat for putting together an impressive programme for this ESRB flagship event. Today, I would like to reflect on the role of the ESRB and its mandate regarding financial stability and macroprudential policy in the EU. Slide 2:The ESRB's track record & new frontiers I will discuss three interlinked issues.
Olli Rehn: This time is different or back to basics? Reflections on monetary policy normalisation
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, May I warmly welcome you to Helsinki and to our annual research conference, which the Bank of Finland organizes jointly with the Centre for Economic Policy Research. May I also say that taking inflation and monetary policy as the theme of the conference has proved to be a pertinent and productive tradition. But this was not always self-evident, as times have changed.
Governor Olli Rehn: This Time is Different or Back to Basics? Reflections on Monetary Policy Normalisation
Governor Olli Rehn, Helsinki, 13 September 2024 Policy keynote speech at the Bank of Finland and CEPR Joint Conference This Time is Different or Back to Basics? Reflections on Monetary Policy Normalisation Ladies and Gentlemen, Dear Friends, May I warmly welcome you to Helsinki and to our annual research conference, which the Bank of Finland organizes jointly with the Centre for Economic Policy Research.
Olli Rehn: The European and Finnish economies - pursuing growth in the shadow of geopolitical challenges
Presentation accompanying the speech Many thanks to the organisers for the opportunity to speak to this distinguished audience today. Great to be back in New York City, on my way to Jackson Hole! It may be an understatement to say that it's been a volatile fortnight in the global markets. Two weeks ago, the global markets, especially the Japanese stock market, fell sharply. But the turmoil calmed down fairly quickly, and stock valuations and rates have largely recovered.
Olli Rehn: Monetary policy in low and high inflation environments
Presentation accompanying the speech Ladies and Gentlemen, Dear Friends, It is my great pleasure to welcome all of you to the Bank of Finland's conference on monetary policy in low and high inflation environments, and especially those of you who have travelled from further afield to be here in Helsinki. I am more than delighted to welcome our distinguished speakers and participants from different continents, and very much looking forward to an inspiring exchange of views today.
Governor Olli Rehn: Monetary Policy in Low and High Inflation Environments
Governor Olli Rehn Bank of Finland’s 3rd International Monetary Policy Conference on Monetary Policy in Low and High Inflation Environments, 26 June 2024 Presentation (pdf) Monetary Policy in Low and High Inflation Environments Ladies and Gentlemen, Dear Friends, It is my great pleasure to welcome all of you to the Bank of Finland’s conference on monetary policy in low and high inflation environments, and especially those of you who have travelled from further afield to be here in Helsinki.
Olli Rehn: Inflation down and recovery supported by interest rate cut
Governor Olli Rehn Bank of Finland Press conference on the outlook for the Finnish economy Helsinki, 11 June 2024 Presentation (PDF) Inflation down and recovery supported by interest rate cut
Olli Rehn: Europe's economy - taming inflation, tackling productivity
Ladies and Gentlemen, Dear Colleagues and Friends, Good morning everyone. May I also take this opportunity, as Governor of the Bank of Finland, to welcome you today. I am glad to see so many of you here in Helsinki, and of course a warm welcome to all those who are online. Once again, the organizers of this conference have put together an impressive programme, with cutting edge topics and distinguished speakers. It is a great privilege to share my thoughts with you today.
Inflaatio jatkaa hidastumistaan ja koronlaskukin tukee talouden elpymistä – Euro ja talous
Pystyimme eilen lähettämään Frankfurtista vaihteeksi myönteisiä uutisia taloudesta: kovin inflaatiopaine on hellittänyt ja koronlaskukin tukee kasvun elpymistä. Euroalueen talouskasvu on piristymässä. Kasvuennustetta tarkistettiin eilen parempaan päin. Inflaatio on hidastunut kohti EKP:n 2 prosentin symmetristä tavoitetta. Tämä tukee reaalipalkkojen nousua ja parantaa ostovoimaa. Tätä taustaa vasten päätimme EKP:n neuvostossa laskea ohjauskorkojamme 0,25 prosenttiyksiköllä.
Olli Rehn: Dialling back monetary restraint
Slides accompanying the speech Ladies and Gentlemen, Dear Friends, Let me start by thanking the organisers for the invitation to share some thoughts with you here at the Citi Macro Forum today. In my introductory remarks, I will discuss the euro area economic and policy outlook following our ECB Governing Council monetary policy meeting last week.
Governor Olli Rehn: Dialling back monetary restraint
Governor Olli Rehn Bank of Finland Citi Macro Forum, Washington D.C., April 18, 2024 Presentation (pdf) Dialling back monetary restraint Ladies and Gentlemen, Dear Friends, Let me start by thanking the organisers for the invitation to share some thoughts with you here at the Citi Macro Forum today. In my introductory remarks, I will discuss the euro area economic and policy outlook following our ECB Governing Council monetary policy meeting last week.
Governor Olli Rehn: Price dynamics
Governor Olli Rehn Bank of Finland BOJ-IMES Conference, May 27, 2024 Presentation (pdf) Policy Panel Discussion I: “Price dynamics” Thank you, Athanasios, and my sincerest thanks to Governor Ueda for the invitation. This conference continues to be a highly rewarding event for macroeconomists and central bankers alike.
Olli Rehn: Price dynamics
Slides accompanying the speech Thank you, Athanasios, and my sincerest thanks to Governor Ueda for the invitation. This conference continues to be a highly rewarding event for macroeconomists and central bankers alike. In my opening remarks, I will talk about the exceptional price dynamics over the past crisis years, especially highlighting the paramount importance of keeping inflation expectations anchored.
Governor Olli Rehn: Article in Kanava magazine 4/2023
Governor Olli Rehn Bank of Finland The original article was published in Finnish in Kanava magazine 4/2023 Crisis resilience essential for Finland in harsh world of geopolitics The international environment in which Finland operates is experiencing a transition as tough as that seen thirty years ago. At that time we saw the fall of the Berlin Wall, the dissolution of the Soviet Union, the integration of Europe and the coupling of China to the world economy.
Olli Rehn: Whither r*? The outlook for the natural rate of interest under short-run inflationary pressures and structural shifts
Ladies and Gentlemen, Dear Friends, It is my great pleasure to welcome you to Helsinki and to this timely conference on "Monetary Policy in Times of Large Shocks", jointly organized by the Bank of Finland and the Centre for Economic Policy Research. Last year at the time of this conference, we were in the middle of the energy crisis caused by Russia's unjustified war against Ukraine. Euro area inflation had just risen above 8% and the growth outlook had turned highly uncertain.
Governor Olli Rehn: Whither r*? The outlook for the natural rate of interest under short-run inflationary pressures and structural shifts
Governor Olli Rehn Bank of Finland Policy Keynote Speech at the Bank of Finland and CEPR Joint Conference ‘Monetary Policy in Times of Large Shocks’ 16 June 2023, Helsinki Whither r*?
Olli Rehn: Financial stability in the world of geopolitical fragmentation and rapid technological change
Good morning Ladies and Gentlemen, Friends and Colleagues, Let me welcome you to the Conference on Systemic Risk Analytics, jointly organised by the RiskLab [at Arcada], Bank of Finland and the European Systemic Risk Board. I also welcome you to the Bank of Finland – Suomen Pankki – the fourth oldest central bank in the world, established in 1811. In my opening remarks, I will focus on financial stability in the world of geopolitical fragmentation and rapid technological change.
Olli Rehn: Eternal challenges in monetary policy
Accompanying presentation of the speech Thank you, Athanasios, and my sincere thanks to Governor Kuroda for the invitation. This conference, now under the firm leadership of Governor Ueda, continues to be a key event after 40 successful years. Let me maketwo pointson what I would call, neither old nor new, butperennial, eternal challenges in monetary policy.I will start withinflation expectations, and then discuss ourmonetary policy stance.
POINT MARCHÉS-L'Europe finit sans grand changement, séance calme sans Wall Street
* En Europe, le CAC 40 a perdu 0,16% et le Stoxx 600 gagne 0,07% * Wall Street fermée en raison du "Presidents' Day" * Le compte-rendu de la dernière réunion de la Fed attendu mercredi par Diana Mandia 20 février (Reuters) - Les Bourses européennes ont terminé sur de faibles variations lundi dans une séance calme en l'absence de Wall Street et dans l'attente de la publication cette semaine du compte rendu de la dernière réunion de la Réserve fédérale américaine (Fed) et d'un indicateur clé...
Preparing the economy and financial system for hybrid war: Finland's experience
Event Summary Finland has unique experience in dealing with economic and security risks posed by Russia and has made more preparations than most European countries for possible aggression against its financial system. This Financial Statements session will examine Finland's economic defenses against covert and overt attacks, and the lessons that may be applicable to other countries in the European Union and beyond.
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