Outlook deteriorated rapidly – can this be turned around?

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.

European Central Bank strengthens monetary policy accommodation – ECB monetary policy strategy needs to be reviewed

A review of the ECB’s monetary policy strategy is due in light of the latest economic research and the changed operating environment.

The ECB's targeted longer-term refinancing operations have increased bank lending to the private sector

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.

Dollar dominance means US risks also pose risks to others

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.

Slower economic growth worldwide

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.

Low inflation and interest rates challenge central banks to review their monetary policy strategies

Price stability has been pursued with different monetary policy strategies. A successful strategy increases the effectiveness of monetary policy.

Alternative scenarios linked to the global impact of US fiscal and trade policies

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.

Monetary policy and global economy in charts

View, save, and share the most thought-provoking charts from the latest issue of Bank of Finland Bulletin.

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