Bank of Finland
Residing in Helsinki, the Bank of Finland
, or Suomen Pankki in Finnish, has been the main central bank of Finland since 1812, making it the fourth oldest central bank
in the world. It was originally opened on March 1, 1812 in Turku, but moved only a few years later in 1819 to is current headquarters in Helsinki. Since Finland joined the European Union in 1999, the bank has been part of the European System of Central Banks (governed by the European Central Bank), as well as taking on the European currency of the Euro, otherwise known as being part of the Eurozone.
Originally the bank was independent to the government of Finland, where it operated with the Finnish Markka currency, until 1999 when it was taken over by the European Central Bank and adopted the Euro. Although it still exists as its own entity, many of its functions and operations are controlled and governed by the European Central Bank
Erkki Liikanen represents the bank as their direct Governor and has done so since they joined Europe. The way the Eurosystem is set out, Erkki Liikanen joins a board of other member countries and is advised on the best way to handle monetary policy
in order to meet the needs of Finland and that of Europe and its Euro currency.
On top of setting a mutually beneficial monetary policy, the Bank of Finland is also primarily responsible for the country’s money supply
and currency printing
, their financial reserves, the oversight of payment systems and the general financial stability of the country and the Euro currency.
The Republic of Finland and the Finnish Parliament own and self-govern the banking system, taking heed of the Parliamentary Supervisory Council and the bank’s board of directors. They in turn are governed by the European Central Bank, with Erkki Liikanen taking a seat on the European board. The bank’s own board is responsible for following the advised guidelines and taking care of the administrative tasks of the bank.
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