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War’s price tag for Russia will be high
(18.10.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
Russia’s war in Ukraine is, above all, a massive human tragedy and an assault on Ukraine’s economy and society. But Russia, too, will end up paying a high price for its cruel decision to wage war. The war’s price tag for ...
Russia’s annual budget plan portrays subdued stimulus to cope with recession, larger deficits could lie ahead
(28.10.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
The government budget plan for 2023−2025 covers the entire consolidated budget, which incorporates federal, regional and local budgets plus state social funds. Publication of consolidated budget data was discontinued last ...
Limits to the “no limits” friendship between China and Russia
(09.03.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
A month ago, during President Vladimir Putin’s visit to Beijing, China and Russia declared that the friendship between them has “no limits” and that there are “no forbidden areas of cooperation”. A few weeks later, Russia ...
India’s economy emerges from the pandemic
(10.03.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
Based on the first advance estimates for the fiscal year 2021–22, economic activity in India has returned to pre-pandemic levels. Like many other countries, the Asian economic giant has been hit hard by the COVID-19 pandemic. ...
Russia’s economy and the war
(08.04.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
We live in unprecedented times, as many things that seemed impossible six weeks ago have become reality. The acute crisis is first and foremost humanitarian. Russia’s brutal war on Ukraine is bringing unimaginable destruction ...
Economic fallout from the war
(24.02.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
In the early morning of February 24 Russian military invaded Ukraine after a long buildup of forces around the country and in the two imaginary people’s republics. This violation of international law will result in widespread ...
The stagflation beast is stirring : Is it back to the ‘70s?
(22.04.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
Back to the ‘70s? I’m referring to the talk in Europe and elsewhere of ‘stagflation’, a toxic blend of sluggish economic growth, escalating unemployment and simultaneously surging inflation.
Russia is struggling to find new sources of imports
(26.08.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
Russia’s brutal war in Ukraine has affected the Russian economy through various channels. In particular, there has been a substantial decline in imports due to the heightened uncertainty and the international sanctions ...
Impending EU sanctions could badly hit Russia’s oil revenues
(02.12.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
Russia’s oil exports have decreased only marginally in volume since it began the war in Ukraine. The International Energy Agency (IEA) estimates that the export volume of Russian crude oil and oil products in October was ...
Expert network’s first mission finds strong sense of self-determination among Indian economists
(27.12.2022)
Bank of Finland Bulletin. Blog
Bank of Finland Bulletin. Blog
The International Relations Committee of the European System of Central Banks (ESCB) established an informal India expert network in 2021. The network, which I have the honor to chair, serves as a forum for exchange of ...