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Euro area growth dependent on domestic demand
(21.03.2016)
Bank of Finland. Bulletin 1/2016
Bank of Finland. Bulletin 1/2016
The Governing Council of the ECB decided on an expanded asset purchase programme (EAPP) in January 2015. Purchases have thus far been conducted to a total value of almost EUR 780 billion. At its monetary policy meeting in ...
Bank of Finland Monthly Bulletin : Special issue 1986 : Financial markets in Finland
(01.01.1986)
Bank of Finland. Bulletin
Bank of Finland. Bulletin
Euro area productivity growth could slow further in the event of a downturn
(03.10.2019)
Bank of Finland. Bulletin 4/2019
Bank of Finland. Bulletin 4/2019
The euro area productivity slowdown in the early 2000s can mainly be attributed to weakening innovation. However, since 2008 productivity growth has slowed due to a crisis-induced drop in technology adoption. This implies ...
Slightly negative central bank interest rates ease financial conditions
(12.11.2019)
Bank of Finland. Bulletin 4/2019
Bank of Finland. Bulletin 4/2019
Negative interest rates have been an integral part of the ECB's overall monetary accommodation for just over five years now. The ECB lowering its deposit facility below zero has especially reduced the cost of market-based ...
No credit without collateral
(11.09.2020)
Bank of Finland. Bulletin 4/2020
Bank of Finland. Bulletin 4/2020
In order for banks to obtain credit from the central bank and payments to be transmitted smoothly, adequate collateral is required. Collateral protects the central bank against the credit risk associated with the counterparty. ...
The Eurosystem’s two-tier system for remunerating excess liquidity holdings
(12.11.2019)
Bank of Finland. Bulletin 4/2019
Bank of Finland. Bulletin 4/2019
As a part of the broad monetary policy stimulus package introduced at its September meeting, the Governing Council of the ECB decided to introduce a two-tier system for reserve remuneration. The goal of the system is to ...
Editorial: How can we avoid a negative equilibrium of low growth and low inflation?
(03.10.2019)
Bank of Finland. Bulletin 4/2019
Bank of Finland. Bulletin 4/2019
Global economic growth began to moderate in early 2018. Industrial confidence has waned worldwide and global manufactures trade has seen its growth stall this year. Financial markets have avoided disruption for the time ...
Expansionary economic policy boosts growth
(27.04.2018)
Bank of Finland. Bulletin 1/2018
Bank of Finland. Bulletin 1/2018
The growth outlook for the global economy is strong. Growth is supported by a synchronized expansion in several key economic regions, accommodative monetary policy, and fiscal stimulus in the United States. China continues ...
Growth picking up but inflation remains subdued
(28.09.2017)
Bank of Finland. Bulletin 4/2017
Bank of Finland. Bulletin 4/2017
Global economic growth is broadly based and brisk in the current year. World trade, in turn, is experiencing a growth spurt. At the same time, inflation remains subdued. After an upward spike stemming from oil prices at ...
Are market expectations in line with the forward guidance of the ECB?
(28.09.2017)
Bank of Finland. Bulletin 4/2017
Bank of Finland. Bulletin 4/2017
By promising low interest rates in the future, a central bank can provide stimulus for the economy today. The effectiveness of this kind of forward guidance can be assessed by the impact it has on market expectations ...