Converting data into useful information is one of the strengths of the Bank of Finland and the Finnish Financial Supervisory Authority (FIN-FSA). The Bank of Finland and the FIN-FSA have introduced a joint centre of excellence for advanced data science – the Analytics Center of Excellence, or ACE for short.
A wide coalition of countries have imposed economic sanctions on Russia for its brutal aggression against Ukraine. The sanctions regime has impaired – but not exhausted – Russia’s financial and technological ability to make war.
With India’s ever-increasing importance in the global economy, Europe’s central banks and other key institutions need to sharpen their focus on India. The International Relations Committee of the European System of Central Banks (ESCB) established an informal India expert network in 2021.
Russia’s oil exports have decreased only marginally in volume since it began the war in Ukraine. While the export volume to countries of the European Union has fallen somewhat, Russia has found new markets in India, China and Türkiye.
Russia’s government budget plan that covers all budget levels in 2022−2025 contains optimism. Revenue estimates are based on a relatively benign economic forecast, deficits have been set low, and expenditures are seen to grow very weakly in real terms despite the recession.
Russia’s brutal war in Ukraine has affected the Russian economy through various channels. There has been a substantial decline in imports due to the heightened uncertainty and the international sanctions prompted by the war.
Russia’s brutal war on Ukraine is bringing unimaginable destruction to the lives of Ukrainians as well as to Ukraine’s economy. Ukraine urgently needs our assistance, in many forms. At the same time, however, we need to understand how the war affects the Russian economy.
The global economy and global trade flows have been hit hard by the COVID-19 crisis. The trade collapse in the second quarter of 2020 was even more severe than during the trough of the global financial crisis in 2009.
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