Rolf Evert Kullberg (3 October 1930 in Pojo,

Finland Finland, officially the Republic of Finland, is a Nordic country in Northern Europe. It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, ...

– 3 September 2007 in

Helsinki Helsinki () is the Capital city, capital and most populous List of cities and towns in Finland, city in Finland. It is on the shore of the Gulf of Finland and is the seat of southern Finland's Uusimaa region. About people live in the municipali ...

) was the Governor of the

Bank of Finland The Bank of Finland (, ) is the national central bank for Finland within the Eurosystem. It was the Finnish central bank from 1865 to 1998, issuing the markka. It views itself as the fourth oldest surviving central bank in the world, after Swed ...

from 1983 to 1992. He was a member of the board since 1974. Before that he worked in the ministry of finance and in a private bank. At the end of his term as a governor

experienced its worst

recession In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be tr ...

. Before the recession there was a long period of growth and it was easy to borrow money. Kullberg was one of the first persons to publicly warn about the possible risks. He warned that people and companies are borrowing more than they can afford. During those hard times the main goal of the Bank of Finland was to maintain a stable currency rate. Kullberg tied the currency rate of Finland's markka to ECU currency in 1991 in order to gain more stability. But finally Finland was forced to devalue and eventually let its currency float in 1992. This was a serious setback to Kullberg and he wanted to resign from his post. However, the president of Finland

Mauno Koivisto Mauno Henrik Koivisto (, 25 November 1923 – 12 May 2017) was a Finnish politician who served as the ninth president of Finland from 1982 to 1994. He also served as the country's prime minister twice, from 1968 to 1970 and again from 1979 to 19 ...

asked him to continue. In the April 1992 he made an early retirement after publicly disagreeing with the prime minister

Esko Aho Esko Tapani Aho (born 20 May 1954) is a Finnish politician who was prime minister of Finland from 1991 to 1995. Early life and career Aho was born in Veteli, Finland. Prior to attending university, he began a career in politics. From 1974 to ...

about financial politics. He died on 3 September 2007 at the age of 76 after a serious illness.

Sources

Announcement from the Bank of Finland.
3.9.2007.

3.9.2007. (Subscription required.)
Kullberg, Rolf
in ''Uppslagsverket Finland''.

Sources

References

Further reading