Bank of Finland Bulletin: Bank of Finland articles on the economy 4/2019

Editorial: How can we avoid a negative equilibrium of low growth and low inflation? 3
Only very subdued growth in sight 6
The trade war has significantly weakened the global economy 35
The Eurosystem’s two-tier system for remunerating excess liquidity holdings 43
Slightly negative central bank interest rates ease financial conditions 47
Euro area productivity growth could slow further in the event of a downturn 59