Bank of Finland articles on the economy
Bank of Finland Bulletin 4/2019 - Economic outlook for the global economy
Published 3 Oct 2019
pdf, 3.44 MB
Bank of Finland Bulletin 3/2019 - Economic forecast for the Finnish economy
Published 11 Jun 2019
pdf, 7.32 MB
How can we avoid a negative equilibrium of low growth and low inflation?3 October 2019, Bank of Finland Bulletin 4/2019
Slower-than-target inflation and a persistent decline in inflation expectations are key challenges for monetary policy. A negative equilibrium of prolonged low inflation and zero interest rates would fundamentally weaken monetary policy’s room for manoeuvre in balancing fluctuations in the economic cycle.
Public finances need more room for manoeuvre19 June 2019, Bank of Finland Bulletin 3/2019
Active measures to strengthen the public finances should be taken when the economy is in good heart.
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The economic outlook for the euro area has deteriorated rapidly. The impact of Brexit on Europe as a whole is hard to predict. Another factor overshadowing the global economy is the trade dispute between the USA and China.
Funding banks via longer-term refinancing operations has been a key feature of ECB monetary policy in recent years. With the latest of these, the ECB has succeeded in encouraging banks to increase lending to the private sector.
The dominant position of the US dollar exposes other countries to changes in the economy and domestic policies of the United States. As the dollar has no realistic competitors, we cannot foresee any near-term change in its status.
The Bank of Finland has calculated alternative scenarios on the effects of risks to the global economy. In these scenarios, global growth weakens more abruptly than currently forecast.
The summary provides a simple introduction to the assessment of developments in the global economy and monetary policy presented in the March edition of the Bank of Finland Bulletin.
A review of the ECB’s monetary policy strategy is due in light of the latest economic research and the changed operating environment.
Price stability has been pursued with different monetary policy strategies. A successful strategy increases the effectiveness of monetary policy.
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