Odd Lots Olli Rehn on the Big Competitiveness Challenge Facing Europe
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Oct 22, 2025 
Olli Rehn, Governor of the Bank of Finland and ECB Governing Council member, dives into Europe's evolving competitiveness landscape. He discusses the shift in economic dynamics, with the industrial core now under stress. The conversation highlights the need for deeper integration and a true single market to boost growth. Rehn also addresses the impact of U.S. tariffs, Europe's vibrant startup scene, and strategies for reducing energy costs. He emphasizes the geopolitical changes that could enhance the euro's global standing.
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Defense Spending Became An Economic Priority
- Russia's war and changing geopolitics have pushed defense spending to the top of Europe's economic priorities.
- Joint European funding and procurement can build scale and deeper capital markets for strategic industries.
Finnish Garrison Became NATO Hub
- Finland joined NATO in April 2023 and converted a historical garrison into a NATO subheadquarters.
- This concrete change illustrates the rapid shift in Northern Europe's defense posture.
Buy Together To Build A Sustainable Defense Industry
- Use joint European procurement and investment to secure demand and scale for defense industries.
- Fund common research and buy European and allied products to get more bang for the euro.
