ECB’s Rehn: Vice President Must Be a “Steady Hand” and Team Builder

16 January 2026

By David Barwick – FRANKFURT (Econostream) – The European Central Bank vice president’s role is defined by three core tasks, according to ECB Governing Council member Olli Rehn.

The remarks were posted on Friday to the website of the Bank of Finland, which he heads, but delivered two days previously to the European Parliament’s Economic and Monetary Affairs Committee (ECON) in Brussels in the context of hearings of the six candidates to succeed ECB Vice President Luis de Guindos. Rehn is one of the contenders.

Independence was necessary to ensure price stability free from political interference, he said, while accountability to the European Parliament ensured democratic legitimacy in serving European citizens’ interests.

Rehn described the vice president as an internal leader who must be “a steady hand and a team builder,” arguing that the job required supporting the ECB president and sustaining trust across the institution.

Pointing to his experience across European institutions and economic cycles, he cited past roles in the European Parliament and the European Commission, alongside nearly eight years on the ECB Governing Council.

He said he had been an early advocate of the ECB’s new monetary policy strategy and argued that the symmetric inflation target had helped stabilize inflation while protecting growth and jobs.

Looking ahead, he noted that two thirds of the ECB Executive Board, including the president, would change in less than two years and said his background would help provide continuity through the transition.

As a second task, Rehn said the vice president leads the ECB’s work on financial stability and integration, citing crisis era responsibilities at the European Commission as well as his current role as first vice chair of the European Systemic Risk Board.

He also pointed to his membership in the ECB’s Simplification Task Force and said he would be willing to discuss the task force’s proposals in more detail.

Third, he argued that effective monetary policy required progress toward a true single market and a genuine Savings and Investment Union, calling for Europe’s savings to be channeled more effectively into productive investment.

Rehn said this should include investment in common defense and the green transition, which he described as critical for Europe’s future.

Turning to gender balance on the Executive Board, he said he was committed to equality and diversity as a leadership practice and pointed to women’s representation in senior roles at the Bank of Finland.

Rehn closed by warning that Europe was living in “a messy and dangerous world,” and said he would work closely with the European Parliament while respecting the ECB’s accountability framework.

Separately, Finnish news outlet MTV Uutiset reported that Rehn criticized the European Parliament coordinators’ expression of preference following the hearings for fellow candidates Mário Centeno of Portugal and Mārtiņš Kazāks of Latvia.

“The ranking by the EP coordinators reflects political preferences, not an assessment of the candidates’ professional competence or personal integrity,” Rehn said.