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Yongchaiyudh, now also a deputy prime minister, tried to recruit him to serve as finance minister in 1997 when Thailand was reeling under the financial crisis. Somehow it did not work out, presumably because Olarn might not have had all the freedom he desired when it came to managing the economy the way he saw fit.

Then came the Thaksin administration in 2001. Olarn's name also surfaced as a potential candidate for finance minister along with other top guns such as Virabongsa Ramangkura. But the job went to Somkid Jatusripitak, who was then a political marketing strategist for Thai Rak Thai. When Somkid was shuffled out, the name of Olarn appeared again. The job, again, went to somebody else - Thanong Bidaya, fund manager for the Shinawatra family, got the job.

Olarn had to be content with a less visible role as an economic adviser to the Thaksin government. He still worked hard and followed economic data closely. He had a team who helped him monitor the economic and financial data, which helped him to formulate his thoughts on policy. Then he provided recommendations on economic policy planning and management. Olarn also served on a number of state enterprise boards and at Shinawatra University.

The Thaksin government, particularly Somkid, also relied heavily on the macroeconomic views of Chaiyawat Wibulsawasdi, the former Bank of Thailand governor. This enabled it to cross-check the Bank of Thailand, the National Economic and Social Development Board and other government agencies in macroeconomic management.

After Samak Sundaravej led the People Power Party to win the election, Olarn was also considered a candidate for the finance minister job. He lost out to Surapong Suebwonglee, whom Newin Chidchob pushed for the position.

Indeed, Olarn, a Bank of Thailand scholarship earner, would like to redeem himself following the 1997 crisis, when Siam Commercial Bank, where he was serving as president, ran into a crisis and needed a government bailout. He also misread how to tackle the baht crisis. Still, Olarn has remained one of the country's best minds in macroeconomic matters. He earned his PhD in economics from the Massachusetts Institute of Technology.

Now Somchai Wongsawat has become prime minister. He is badly in need of an economic team to help restore confidence. But he has to work under the tremendous pressure of the Cabinet quota system, under which 15 MPs can submit their candidates for one Cabinet seat. The result is an ugly Cabinet, even uglier than the Samak Cabinet.

Olarn had been approached to serve as the economic tsar of the Somchai Cabinet. It was thought that his name would do much to guarantee credibility. In the end, Olarn did not get the finance minister portfolio, which went to Suchart Thadathamrongvech, the newly appointed leader of the Puea Thai Party. Olarn only gets to be the deputy prime minister in charge of economic affairs.

It appears that he is reluctant to get into the government. But once he gets into it, he does not get what he wants. His assignment will be to coordinate all the economic policies of the economic ministries so that the government has a coherent economic management policy. Somchai is asking for time to allow his government to prove itself. All the eyes are now focusing on whether Olarn can revive confidence and put the government to work again.