Liikanen was chosen over his closest rival Ecofin Council chairman Sixten Korkman by a vote of 7 to 2.
Liikanen is the outgoing EU Commissioner for Enterprise and Information Society. He also served as Finland's finance minister in the late-1980s.
The chairman of the Parliamentary Supervisory Council of the Bank of Finland, Olavi Ala-Nissila, said Liikanen was endorsed because of his extensive international experience and close contacts to relevant interest groups at home.
Ala-Nissila said that Liikanen possesses the skills and knowledge required to make decisions concerning monetary policy both on a domestic and EU level.
If approved by the President, Liikanen would take on the post from the beginning of July.
Vanhala gave up the post for health reasons.
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