Bank of Finland governor Olli Rehn has been selected as first vice-chair of the European Systemic Risk Board (ESRB), the institution said today (April 11).

Members of the ESRB’s general board voted to appoint him for a five-year term. Rehn will replace former Sveriges Riksbank governor Stefan Ingves. It is the first time that a eurozone governor takes on this role, which was traditionally reserved for European Union members that are not a part of the common currency.

The ESRB’s chair is the