Bank of Finland articles on the economy
Bank of Finland Bulletin 4/2018 - Monetary policy and the global economy
Published 18 Oct 2018
pdf, 5.59 MB
Bank of Finland Bulletin 3/2018 - Economic forecast for the Finnish economy
Published 6 Jul 2018
pdf, 3.16 MB
Monetary policy normalisation to proceed carefully and with measured pace4 Oct 2018, Bank of Finland Bulletin 4/2018
In times of uncertainty, prudence is justified in the normalisation of monetary policy.
Monetary policy remains accommodative, net asset purchases about to end6 July 2018, Bank of Finland Bulletin 3/2018
Finland’s public finances have gathered strength; the general government deficit has shrunk and the ratio of public debt to GDP has begun to contract. Yet determined efforts are still required to address the challenges to fiscal sustainability in the long term.
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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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