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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Regulatory reforms and macroprudential measures have improved the risk resilience of the bank-centred EU financial system. Work has also begun on targeting stability risks building up beyond the banking system.
Finnish household debt is rapidly increasing also via consumer credit. Loans taken out from these new sources is difficult to monitor.
Investors’ optimism on the financial markets can rapidly turn to risk aversion if global economic or political uncertainty increases.
Households in both Finland and Sweden are carrying a record level of debt relative to their income.
The Finnish, Swedish, Norwegian and Danish banking sectors are large and concentrated and there are systemic risks relating to lending for the residential and commercial real estate markets.
Growing household debt and the changing structure of the banking system are increasing the vulnerability of the financial system.
It is important to ensure that payment transfers and card payments also operate when data connections with other countries are down.
The three key trends in payments are fragmentation of the market, payments going real time and the actual act of payment fading into the background.
Structural changes in the banking sector may have an impact on risk spillovers between the Nordic countries.
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