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.

The effects of Brexit on the real economy will be evident only later. Three months after the referendum, the UK has still not notified the European Council of its intention to leave and is still an official EU member state.

Before the current recession, Finland was closing the gap on Europe’s wealthiest small economies but is now falling ever further behind.

Euro area monetary policy has been highly accommodative, and the euro area economy is getting back on track. An abrupt halt in the Chinese economy would be the greatest risk to euro area growth. The articles were first published in Finnish on 24 September 2015.

A slower recovery in the euro area would present new challenges for monetary policy. The ECB Governing Council monitors all incoming information. The asset purchase programme provides sufficient flexibility in terms of adjusting the size and duration of the programme. The package of articles on monetary policy and the international economic forecast will be published in English on 2 October 2015.