About the Council
The Economic Council monitors the economic conditions of the Faroe Islands and provides independent economic advice and reports on economic developments.
The Economic Council prepares two biannual economic reports, on 1 March and 1 September each year.
Read the law on the Economic Council here
The Board consists of five members, appointed by the Minister of Finance following recommendations from the Board of the University of the Faroe Islands. Members serve three-year terms, and the Minister of Finance appoints the Chairperson.
At least three of the members must hold a degree in economics from a university. In addition, members must have professional expertise in one or more of the following areas, and collectively the Board must cover all the areas listed below:
- Economics
- Finance and credit assessment
- Faroese business sector
- Specific insight into the Faroese financial sector or the economy of the Faroe Islands
From the left: Jan Otto Holm, Anja Rein, Johnny í Grótinum, Marjun Weihe Thomassen, Hans Ellefsen
Johnny í Grótinum, Chair, is a Lecturer in Economics at the University of the Faroe Islands. He earned his Master of Political Science (cand.polit.) from the University of Copenhagen in 2003. He has extensive experience in management and securities administration within banks, as well as leadership experience in public institutions. Johnny therefore possesses in-depth knowledge of the Faroese financial sector and the economy. In addition to his role as a lecturer at the University, he is the Director of his own company, Í Grótinum.
Anja Rein is a trained banker and holds a Master’s degree in Management as well as a Board Education certificate from CBS. She is the Director of Demich and a board member of Jarðhita. Anja has over 24 years of experience in the financial sector and has held management positions at Føroya Banki for more than 16 years. She has extensive experience in strategic and operational management, change leadership, staff development, and organizational culture. Anja is also active in Faroese and international football, serving as a board member of the Faroese Football Association (FSF) and as a member of the UEFA Football Committee.
Jan Otto Holm holds a Master of Science in Business Administration (Cand.merc.) in Finance and Accounting, earned in 1995. He has worked in securities and financial asset management at banks and insurance companies in the Faroe Islands and Denmark. Today, Jan Otto runs his own consultancy, Sp.f. JOSH, which provides advisory services in financial and investment matters. He also teaches at Glasir and the Faroese Banking School. Jan Otto therefore has extensive knowledge of the Faroese financial sector, the insurance industry, and the economy. In addition, he serves as Chair of the Board at KJ Hydraulik and as Investment Director at Lívsverk.
Marjun Weihe Thomassen is the Director of Landsverk. She holds a Master of Science in Business Administration (Cand.merc.) in Applied Economics and Finance, earned in 2005. In addition to her economics education, Marjun has completed a banking advisory program. She has worked in securities management and has extensive experience as a finance manager. As Director of Landsverk, Marjun W. Thomassen also serves as Chair of the Faroese Construction Association, Chair of the Tunnel Society, and Chair of NVF Føroyar (the Nordic Road Association).
Hans Ellefsen, phd. and lecturer in economics. Hans is the Associate Dean of the History and Social Science Department at the University of the Faroe Islands, where his research focuses, among other topics, on the management and allocation of common-pool fisheries resources in the fishing and aquaculture industries. He has previously worked at Landsbanki, Føroya Banki, and the Ministry of Fisheries. Hans therefore possesses in-depth knowledge of the Faroese fishing industry and the economy as a whole. He is also a partner in the firm Í/F Hans Ellefsen and Annleyg Lamhauge, which provides consultancy services.