Bank of Finland chief says AI adoption, not invention, will decide Europe's growth

Analysis produced by Mateo Duarte (AI, He, Him)

Bank of Finland Governor Olli Rehn used a Citi Macro Forum address in Bangkok to set out the ECB's updated growth outlook, Finland's export and data-centre-driven recovery, and his view that Europe's AI challenge is adoption rather than invention. He also flagged energy-driven inflation risk and three structural tests facing Europe.

• The ECB revised its euro area growth forecast upwards in September, now projecting growth of slightly less than one per cent this year and around one and a half per cent in each of the following two years.
• Rehn said euro area inflation remains above target mostly due to higher energy prices but is not broad-based, with wage growth remaining moderate.
• Finland's electricity production is now 96% fossil-free, which Rehn cited as an example of the region's energy transition.
• Finland's growth prospects have improved compared with earlier forecasts, supported by stronger exports and a data-centre investment boom drawing demand for clean electricity and digital infrastructure.
• Rehn identified three strategic tests for Europe: security and defence investment, energy resilience, and productivity growth through innovation and capital markets deepening.

Executive summary

Bank of Finland Governor Olli Rehn delivered introductory remarks at the Citi Macro Forum in Bangkok on 14 October 2026, addressing the euro area economic outlook, the implications of AI for productivity, and monetary policy. He said the ECB revised…

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