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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The fastest stage of growth in the euro area looks to have passed, but momentum remains strong. Uncertainty is being fuelled by protectionism and Italy’s domestic economic policy.
Protectionist measures may, at worst, significantly dampen global economic growth. This effect could prove all the more substantial if confidence is weakened and investment is held back.
In the euro area, labour market participation among the working-age population has caught up with that of the United States. Yet a decline in the participation of especially young people remains a cause for concern in both regions.
There are more question marks over monetary policy normalisation than there are over traditional monetary tightening.
The ECB’s Expanded Asset Purchase Programme has recently raised TARGET2 balances, but the reason for the increase is now different than during the sovereign debt crisis.
In times of uncertainty, prudence is justified in the normalisation of monetary policy.
Concerns about a protracted period of low growth soon followed the recovery from the Great Recession. Recent strength in the euro area economy does not exclude the risk of secular stagnation.
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