Bank of Finland articles on the economy
Bank of Finland Bulletin 5/2020 - Monetary policy and the global economy
Published 17 Sep 2020
pdf, 563 kB
Bank of Finland Bulletin 4/2020 - Monetary policy and the global economy
Published 11 Sep 2020
pdf, 16.0 MB
Monetary policy is supporting economic recovery — but the outlook for employment remains weak17 Sep 2020, Bank of Finland Bulletin 5/2020
Monetary accommodation has opened up space for other economic policies in the euro area, which needs to be put to good use by pursuing economic reforms. Productivity and employment growth ultimately rest on our ability to reform.
Monetary policy implementation in changing times25 Aug 2020, Bank of Finland Bulletin 4/2020
Over the past decade the tools for implementing monetary policy have become ever more diverse. These measures now include refinancing banks at favourable terms and large-scale asset purchases.
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Euro area inflation has been slow in recent years. The way slow inflation was explained before the crisis has been challenged.
Sweden's economy is performing well. However, if it were to deepen, the downward turn in house prices could cut the positive trend in the economy.
Following the steep contraction caused by the financial crisis, there have been substantial differences in economic performance across the different countries in the euro area. Healthy economic structures appear to have facilitated a speedier recovery.
The reinvestment of maturing holdings, i.e. the replacement of maturing holdings with new ones, is gradually becoming an increasingly important part of an appropriate monetary policy stance.
The favourable outlook for the global economy is overshadowed by the threat of protectionism. In the euro area growth has picked up. Some of this acceleration is on a sustainable basis, but long-term growth is likely to remain slower than pre-crisis growth.
Single deposit insurance is an important part of the completion of Banking Union. The deposit insurance fund needs to be sufficiently large to credibly withstand possible problem situations. Banks’ deposit insurance contributions should be calibrated based on risks.
In the aftermath of the global financial crisis many central banks cut their policy rates close to zero and introduced non-standard monetary policy measures. The new situation has also presented a challenge for monetary policy modelling.
The bank-sovereign nexus has weakened, but we cannot consider it to be broken.
Euro area inflation remains subdued, but confidence in inflation converging towards the ECB's objective has strengthened. Owing to these uncertainties, the conduct of monetary policy in the euro area rests on patience, persistence and prudence.
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