During the 1970s, as governor of the Bank of Finland and, for a short time, as minister of finance, he had won the public's respect for the accuracy of his economic forecasts.

Summoned again in 1979 to serve as prime minister, Koivisto retained the public's esteem and became a strong potential candidate for the presidential election scheduled for 1984.

He refused, telling Kekkonen that he would continue as prime minister until a lack of parliamentary support for his government was shown.

Koivisto's survival despite Kekkonen's challenge was seen by some observers as the end of an era in which the president had dominated Finnish public life.

In autumn 1981 failing health forced Kekkonen to resign the presidency, and Koivisto assumed the duties of the office until the presidential election set for January 1982, two years ahead of schedule.