Bank of Finland Bulletin: Bank of Finland articles on the economy 1/2019

Editorial: European Central Bank strengthens monetary policy accommodation – ECB monetary policy strategy needs to be reviewed 3
Outlook deteriorated rapidly – can this be turned around? 7
The ECB's targeted longer-term refinancing operations have increased bank lending to the private sector 31
Dollar dominance means US risks also pose risks to others 37
Low inflation and interest rates challenge central banks to review their monetary policy strategies 41
Alternative scenarios linked to the global impact of US fiscal and trade policies 52