April 3, 2018 / 1:54 PM / a year ago

Finland's Rehn moves to become ECB council member

HELSINKI (Reuters) - Olli Rehn, a former top EU economic official, said on Tuesday he will seek to become the governor of Finland’s central bank and a member of European Central Bank’s rate-setting governing council from July.

Governor Erkki Liikanen will complete his second and final seven-year term in July and his replacement is due to be named in May.

Widely considered the favorite for the job, Rehn quit his post as economy minister in 2016 to become Bank of Finland’s deputy governor.

Rehn, a 56-year-old with a PhD in economics from Oxford University, spent a decade at the European Commission, and during the euro zone debt crisis was economic and monetary affairs commissioner.

“I have submitted my application for the position of Governor at Bank of Finland. My motivation to continue work for sustainable growth and economic stability is high,” Rehn said in an email to Reuters, confirming reports in Finnish media.

Major policy changes are not expected after the departure of Liikanen, who is known for largely backing ECB President Mario Draghi.

Reporting by Jussi Rosendahl; Editing by Robin Pomeroy

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