In line with the Finnish Constitution, the Bank of Finland operates under the guarantee and supervision of the Parliament. The Bank's operations are supervised by the nine-member Parliamentary Supervisory Council, appointed by the Parliament.
The Bank's executive is its Board, composed of the chairman – the Governor – and a maximum of five other Board members. The Governor is nominated by the President of the Republic upon the recommendation of the Parliamentary Supervisory Council, while the other members of the board are nominated directly by the Parliamentary Supervisory Council. The eligibility criteria for a member of the Board are a higher academic degree appropriate for the position, conversance with the monetary economy or financial operations and proven management skills and management experience.
The office of Governor of the Bank is for a seven-year term. Other members of the Board have five-year terms. The same person may be selected as Board member for a maximum of three terms. However, the Governor may be selected for two terms, even if he previously served as member of the Board.
The Governor is a member of the Governing Council of the European Central, which therefore means that he is one of those who decide on the monetary policy of the euro area.
The present Board has three members. The Governor of the Bank of Finland is Erkki Liikanen. Pentti Hakkarainen acts as Deputy Governor. The other Board member is Seppo Honkapohja. Each of the Members of the Board has their own Web presentation pages, including CV and photographs.
Deputy Governor Pentti Hakkarainen, Governor Erkki Liikanen, Member of the Board Seppo Honkapohja.