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 method by which agreement is reached on wages in the Member States participating in EMU has a particular significance for employment and growth. Optimal wage formation defines the development of competitiveness.
Finland’s cost-competitiveness has improved in recent years. From the perspective of employment there would still be room for further improvement.
The pace of labour productivity growth in Finland has faded. This is attributable to lacklustre productivity development in manufacturing as well as the increasing dominance of services in the economy.
Finland’s economic growth will be slower during the next three years. Growth has also slowed in the euro area and elsewhere around the world. However, there are still possibilities for growth in the Finnish economy.
Abundant construction in the Helsinki metropolitan area has put a brake on apartment prices.
Even if the employment rate were to remain unchanged, the number of employed would decline by 15,000 over the years 2019–2021.
Short-lived volatility in consumer prices make it harder to monitor price pressures within the economy. Measures of core inflation describe price developments that are not driven by temporary factors.
If economic growth in the immediate years ahead does not exceed around 1.5%, achievement of the 75% employment target is unlikely.
Economist robot currently forecasts a marked slowdown in growth. The forecast has weakened substantially during the spring with the release of new statistical data.
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