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Olli Rehn

lines on the record: 35
first: 2025-10-22
most recent: 2025-10-22
sittings or episodes: 1
sources: podcast

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“Is an ongoing discussion on that in Europe, both at the European level and in the member states. You have two sides of the coin on one hand. Europe is trading a lot with China and is quite dependent on China, but it's a mutual dependency in many ways. And it's a broadly free trade, not always so fair, but free trade. On the other hand, in China, the Communist Party has taken stronger political control, and China is, let's not forget, China is supporting Russia in its military actions, military aggression in Ukraine. That has clearly, I'm not sure if the Chinese have fully realized this, but that has clearly Serious damage of China in Europe because we see that they are an ally of Russia and they are trying to, with that alliance, they are trying to destroy our freedoms in Europe.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“To the second part, but then the first part what if Europe won't be able to Do the necessary things in order to become stronger in terms of security and the economy. I guess some kind of muddling through will continue. And that is a very gloomy future for the Europeans. So I would very much prefer us stay united, have the capacity of renewal and reform, and thus gain the required self-confidence to also gain stronger role in global terms. Finally, I want to add that we are very committed, despite the current headwinds we are facing in terms of geopolitical tensions and trade wars. So we as Europeans, we are committed to multilateral international cooperation. And we want to work together with our partners, the US, Global South, and beyond.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“First, what's the measure, what's the yardstick of measuring success of, say, European economic policy? I think fundamentally that is the well-being of European citizens and say freedom. Entrepreneurship well being also social protection of Europe.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“But macroeconomic imbalances and financial stability issues were kind of forgotten at the time. So very strong focus also in the economist community. I think that's something that deserves some self-criticism among the economists as well.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“So pretty much I share your view And if you take a more, let's say, historical view that when the euro was created, then the kind of major event like the eurozone debt crisis was not perceived apparently in the minds of the creators of the euro. Because there was no stability mechanism like the IMF, the European stability mechanism is the IMF in the European context. Actually, the ESM has more capital than the IMF total capital. So that was not in existence when the crisis hit. We had to create in the run on the flight. And the second problem was that among the economists there was much discussion about whether the Eurozone or the Economic Monetary Union is an optimal currency area.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“So they have reformed their economic structures to a large extent, and they are much more competitive for the moment. And their public finances are on a sound basis.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“On the basis of central, but it was a moment became a true central bank in some sense. Yeah, yeah, that's right. That's right. And that's why before that it was kind of incrementalist firefighting. This was not without value because we were able to keep the euro afloat and support many countries, Greece, Portugal, Ireland, Spain Of the funding of the European stability mechanism or its precursor. In fact, now the countries that then were in the EU IMF programs have been in the past years. They have been one of the Best performance in terms of”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“And the market started to believe that the ECB is. Functioning as the central bank must function as the lender of last resort.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's so legitimate question, and I have been thinking about that quite a lot. I have actually answered to this question in my book called Walking the High Wire, which is about the Eurozone crisis. In fact, it is true that once Mario said his now legendary words, whatever it takes within our mandate,”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“It is primarily majority of other member states, but you are right, there is a certain variety of concerning the emphasis. And Germany plays a key role here. Decisions of the German government and in fact German government and opposition earlier this year are now taking effect. They have budgetary laws so they will be implemented. That's critical. But so other countries like the Nordics. The Nordics together are 27 million people and relatively wealthy area in the globe. And all the Nordic countries are expanding their defense expenditure significantly. So are all the Eastern European countries and several of the Western European countries. So, overall, the picture is, I would say, encouraging. I don't shout for victory yet, but we are on the right road here.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“It is, for instance, in France, the right-wing party Iran has toned down its criticism concerning the euro in recent years. And Europe, or in this case, the European Union, works as glue that helps to keep together the policymaking structure of Europe. So in that sense, it has a certain impact, kind of second level, reverse impact on domestic politics as well. Quite illustrative is that in Finland on Monday, after many years of discussion, we were able to agree or the Eight parliamentary parties were able to agree on a long-term commitment to balanced budget and debt anchor, which is historic. And it is also respecting the EU fiscal rules. Even the parties that have been quite critical on Europe are part of this agreement, which in my view is actually quite encouraging.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“And of course, in terms of policymaking. So we have to be able to do such concrete policies that help alleviate the concerns of the citizens and boost sustainable growth and job creation in Europe. That's the essence. Second comment is that it's quite interesting that even though we have had and continue to have populist movements challenging, say, the more centrist parties in almost all countries of Europe, still the European Union is holding together. And it is structurally kind of”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a continuous challenge, and you're right. So when you said that Europe or the European Union or the Eurozone is a community or community of states that is in constant movement, I would wish that it would be in more rapid movement, but it is indeed an unfinished business and will continue to be so. That's why it is actually so fascinating and meaningful to work for Europe. On these two brief points. First, the political battles or the political competition of the souls of the people are Done in Europe in the member states. National politics are key here, and that's why I have a high regard for national politicians who face this challenge in the town hall meetings and in the social media or elsewhere.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Which has helped create a culture of investment in Sweden. And we are actually, even though Finland was mentioned as a role model, but we are benchmarking Sweden in this regard because they have the most vibrant venture capital market also. Thanks to this quite well-functioning capital market.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“For instance, concerning the savings and investment union, you have actually a long list of concrete decisions that it will require. But the key things are in many ways to have a Safe Asset, European safe asset, which would facilitate the creation of genuine European capital market. And then in addition to that, there are quite reasonable proposals of creating either tax incentives or other decisions that encourage people to invest people, meaning individual citizens and households. Sweden actually is a very good example of this. Invest to the stock market or funds.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“More seriously if I could do one thing, I would complete the single market without a delay and also create a genuine savings and investment union with a deep and liquid capital market because this would help address the challenge of venture capital and financing of European startups and growth companies.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“The end of Russian gas in Europe, but we still have some work to do in many countries. You mentioned Germany. Germany still has work to do in order to reduce its energy costs in its industrial production.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“It is possible, but I don't have the figures off the cuff. But I recall that in 2022, which was the... Point of energy costs in Europe. So we calculated with a friend of mine and then we verified that by our economists. That year Europe paid 800 billion euros for fossil fuels instead of the long-term average of 300. So we paid 500, 600 billion euros more that year, which then was roughly 3% of GDP. So in 22 we had You can say that it was kind of an extra tax of every European of 3% of the income on average. Of course, created quite a lot of popular opposition and criticism. Fortunately, we have been, it's not actually about fortune, it's about political will and action. We have been able to broadly adjust.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Of course, energy efficiency and smart electricity systems play also a key role here. And I would expect that this green transition will be, I mean, not concluded, but will be very far by the end of this decade so that we have a much more competitive condition in Europe in this regard. I add one thing. Often when you compare fossil energy and you compare fossil energy to say renewable energy, the capital costs in renewables are often higher, like say investing in wind parks or solar energy. But the running costs are quite low. Meanwhile, in fossil fuels, it's often, let's say, the reverse so that the capital costs are not that huge, but you have very significant running costs. So once you are far enough in the green transition, preferably supplemented.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to go back to Finland's metaphysically mentally now again because we have an X number of data center investments coming in Finland mostly with foreign direct investment. Thanks to the combination of relatively inexpensive electricity and relatively cool climate, which is conducive for data centers. So in that sense there are differences within Europe as well. The key is very much to continue the green transition with consistency. For the moment, still countries like Germany are suffering from higher electricity and energy costs. That is true, largely because Germany was so dependent on Russian fossil fuel, especially because its energy-intensive chemical and other industries have been so dependent. But the green transition is moving forward. We lean much more on renewable energy than before.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“So, in any case, it's the scale of phase and internationalization phase where we have to do better. And that's why, for instance, our government's efforts to enhance growth in Finland are very much focused on funding of scale scale ups.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“But even more serious. So we have startups, we have some unicorns, but the general challenge in Europe is that in the scale-up phase, many companies choose the US, say Silicon Valley or New York stock exchange or combination of both because it's easier to get venture capital, you have a large market which is culturally fairly similar even though there are certain differences between California and Helsinki, California. Say South Carolina.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“The name is Slus comes from November because you have so much slush in November. That's why it's called Sluss. But it's a very bright event in the darkest time.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Community in Europe. By the way, welcome to Slush, even though I'm not the organizer, but Slush is the well-known major conference in Helsinki. We'd love to come to that. If you can introduce”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Preserve all there on the condition that we can strengthen the foundations of the European economy, insecurity in terms of economic dynamism and in terms of digital sovereignty.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Just a little less, and for instance, stablecoins are clearly intended to increase demand for US treasuries to fill the federal deficit of the United States of America and thus to enhance the role of US dollar and US dollar dominance. I believe that on the basis of historical experience, let's say for instance by the writings of Professor Barry Ahengreen of Z. Berkeley, that historical shifts in the international monetary system take place slowly and on the basis of the structural changes in the economy and security structures. That's why I believe that the US dollar dominance will prevail for quite long, perhaps less as a single unipolar hegemon in the monetary system than before and we may move towards a more multipolar monetary system and the euro can have a significant”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“So that creates quite significant limitations for the RMB. In the technological side, we see the growth of stablecoins more recently. We've seen a certain volatility of cryptos last week, last Friday. Just a little.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“There is a deliberate conscious effort to enhance the euro's. Global role in the currently changing international monetary system. And if I put the background first, I think we are seeing the international monetary system or the global financial system in transformation for the moment. And you have two main drivers in broad sense. On one hand, the geopolitical confrontation, and on the other hand, we have a technological disruption thanks to digital assets, cryptos, stable coins, central bank digital currencies. How this will play out will be quite crucial as to the evolution of the monetary system. Concerning the geopolitical competition, we see China's efforts to strengthen the role of Reminbio or the UN, for instance with the Roden Belt Initiative and linking trade agreements to an enhanced role of the UN, and there is a major but there are still capital controls in China, and there is no legal certainty in China in the Western sense.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that it will hit growth in the Eurozone roughly by half a percentage point next year. But the good news is that the European economy is actually demonstrating resilience. We are still growing this year, probably around 1% or so, 1.2%. And we are projected to grow by 1.3% in the next two years, despite the headwinds of both geopolitical tensions and tariff wars.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“We do expect that, and that's having a negative impact on productivity and thus on the economy, growth and well-being. As far as the impact of US tariffs is concerned, we have tried to estimate that it's a bit difficult as policymaking is fairly volatile, so it depends on the day or the week. When you take the cutoff data, you know that perhaps. But our estimate, which is roughly done on the basis of the current US tariff regime.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a very critical question in the European context. And that's why as we are conducting joint European funding exercises in this regard, like the 150 billion euro safe instrument by the European Commission, it's essential that we purchase those arms and arms technologies by common procurement and by investing in joint research and innovation projects. That's the way to get more bang for the euro. And that's now the effort which the European countries and the Commission are engaged with. In fact, it is quite clear that we are going to, in Europe, we are going to purchase both, say, domestic European. Products and also American products in some areas. The US is more advanced. For instance, Finland is purchasing 64 F-35s to replace our existing fleet of 64 F-18s, which date from the early 1990s.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“See the change in terms of defense in this regard in Northern Europe. Talking about economies of scale, yes, we lack a genuine single market in many areas like services and to some extent capital. And that's why we are very committed to move forward with, for instance, the savings and investment union, which aims at transforming the formidable savings of Europeans, 10 trillion, that's the estimate to productive investment by some kind of say popular capitalism. That's, in my view, one essential element of creating a more unified Europe and creating a more competitive Europe.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, there is that tension, but that's why we make policy and that's why we try to change things in Europe. Actually, that brings to my mind an anecdote concerning precisely common defense, how things have changed. The country I know best, Finland, joined NATO in April 2023. And I recall my own time military service in the early 1980s in the Savo Brigade in eastern Finland in the city which used to be the headquarters of Master Manorheim during the winter war. Today, that garrison area is actually A regional subheadquarters of NATO”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“Certainly things have changed in Europe a lot for the worse as we know because of Russia's unjustified brutal war in Ukraine. But second, as a wake-up to that situation, including the impact of President Trump as well. And I would say that if you look at Europe for the moment, we have one issue which is above others, and that is common defense and spending on common defense from air defenses to drone production and other elements of military technology and production. And that's also very much an economic issue. Actually, it's a financial opportunity in a sense that the best argument for safe assets in Europe is indeed defense spending. We need both national and European funding. This is, in my view, a possibility to pave the way for a deep and liquid European capital market.”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a dual life, not schizophrenic, but dual life. I have two home fields, two home terrants. One is Helsinki and Finland. The Bank of Finland is the National Central Bank of Finland. But we are also at the same time, we are a member. A member of the Eurosystem and my second hometown is thus Frankfurt and the Governing Council of the ECB. And the same goes for the large part of our civil servants, economists and lawyers at the Bank of Finland. Like in the other 19 national central banks, that's the Euro”
2025-10-22 · Odd Lots · Olli Rehn on the Big Competitiveness Challenge Facing Europe · IDENTIFIED FROM THE TRANSCRIPT · source