Bank of Finland Bulletin: Articles on economy by Bank of Finland 1/2015

Editorial: Commitment to accommodative monetary policy benefits
economic outlook 3
Falling oil prices translate into an income transfer from producers to
consumers 6
Russian economy and imports to contract substantially in 2015 19
Forecast risks 26
Monetary policy supports euro area recovery from the crisis 28
Is the euro area at risk of Japanese-style deflation? 44
The financial crisis changed the instruments but not the objectives of
monetary policy 57