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Ollila: EU Commissioner Rehn Faces Tough Challenges

The Chairman of Nokia and the Shell Corporation, Jorma Ollila says the EU’s newly nominated Commissioner for Economic and Monetary Affairs, Olli Rehn faces interesting and tough challenges ahead.

Jorma Ollila.
Image: YLE

Speaking on the YLE current affairs magazine Ykkösaamu on Saturday, Ollila said Rehn has a pivotal role to play when Europe creates new economic growth.

In his view, Rehn will have to create exit strategies from the current recession in both monetary and financial policies.

Ollila added Europe must find its own competitive role. For this, a new growth dynamic was required. Although Europe was a market leader in technological exports, the United States was close behind, he warned.

Nuclear Power: "A Temporary Option"

On the issue of climate change, Ollila considers nuclear power to be a temporary option in the transfer to a lower carbon society. In his view, nuclear energy would not be a major player in 30 to 40 years time owing to costs and the availability of uranium. Renewable forms of energy were the solution, the Shell Chairman noted.

He anticipated a political declaration from the upcoming Copenhagen conference which would form the basis for a treaty to replace the Kyoto Protocol. Referring to China’s targets to reduce carbon emissions, Ollila said, in his opinion, the Chinese had realized that their export industries would not succeed unless they signed up to measures to combat climate change.

Jorma Ollila told the YLE programme that only businesses that recognized changing circumstances would prosper.

“Now the world demands clear and binding decisions on the price of carbon emissions”, Ollila emphasized.

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