Speech by Olli Rehn at the hearing of the ECON committee of the European Parliament

Mme. Chair Aurora Lalucq, Honourable Members, Dear Friends,

Thank you for the opportunity to meet with you and discuss our shared European challenges, and the role of the ECB Vice-President.

Great to be back in this powerful committee! I have worked with ECON both in times of crisis and recovery, always in the spirit of mutual respect and constructive dialogue.

Like any central bank, the ECB needs independence to make long-term decisions to ensure price stability free from political interference. At the same time, accountability to the European Parliament ensures its democratic legitimacy in serving the interests of European citizens.

I have a lifelong commitment to European integration and to the euro. I see the role of the ECB Vice-President around three core tasks.

First, the Vice-President must be a steady hand and a team builder. Like a concertmaster, the VP supports the conductor — the President — to keep the institution in tune, in tempo, and in a spirit of trust.

Today, you will hear from six competent candidates. I believe my comparative advantage is in my broad and deep experience in European policymaking, across institutions and economic cycles. I have served as a Member and Vice-President of this Parliament and of the Commission, and soon eight years as a member of the ECB Governing Council.

That experience has shaped my way of working, combining teamwork with individual responsibility. I was an early advocate of the ECB’s new monetary policy strategy. The symmetric inflation target has helped us to stabilize inflation in these tough times, while protecting growth and jobs.

Looking ahead, two thirds of the ECB Executive Board — including the President — will change in less than two years. Experience alone is no guarantee, but it gives perspective and stability. I believe my background would help provide institutional continuity during this transition.

Second, Vice-President leads the ECB’s work on financial stability and integration. I have prepared for this task over many years, as Commission Vice-President during the crises, and more recently as First Vice-Chair of the European Systemic Risk Board and a member of the ECB’s Simplification Task Force. If useful, I’d be glad to discuss the simplification measures proposed by the task force in more detail.

Third, the Vice-President should contribute to the broader European project, keeping in mind the ECB’s mandate. Effective monetary policy requires a true Single Market and progress towards a genuine Savings and Investment Union. Europe’s enormous savings must be channeled more effectively into productive investment, not least to common defence and green transition, both critical for Europe’s future.

But Europe is more than that. I share your concerns as to gender balance on the ECB Executive Board. I am firmly committed to equality and diversity as a leadership practice. And it is not only words, but deeds that matter. At the Bank of Finland, the Deputy Governor is a woman, four out of eight senior management positions are held by women, and two out of three of our board’s senior policy advisers — leading core policy processes — are women.

My experience is that diverse leadership does improve collaboration, broaden perspectives and simply lead to better decisions. If appointed, I would actively promote these values at the ECB, including policies that support work–life balance for all, drawing on the Nordic experiences.

Rt. Hon. Members,

We are living in a messy and dangerous world. That is precisely why, more than ever, we need a stronger and more united Europe, price and financial stability, and central bank independence.

As ECB Vice-President, I would be honored to work closely with this Parliament, fully respecting our cherished accountability framework.

I am now very much looking forward to your questions and remarks.

Thank you!