Browsing by Author "Liikanen, Erkki"

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  • Liikanen, Erkki (2017)
    Bank of Finland. Bulletin 4/2017
    The amount of underutilized domestic capacity is expected to gradually be taken up, and the global economy's generally favourable outlook will support growth in the euro area. Together these factors support expectations that the inflation rate will slowly return to the policy objective.
  • Liikanen, Erkki (2015)
    Bank of Finland. Bulletin 3/2015
    The Bank of Finland has emphasised that the problems of the Finnish economy are not primarily cyclical, but largely of a longer-term, structural nature. In addition to the weakness of the global economy, activity has been dampened by structural changes in Finnish industry, a contraction in the working-age population, weakening cost-competitiveness and, recently, also the difficulties in the Russian economy. As general government deficits have grown and a rapid increase in the population share of elderly people is looming, the longer-term outlook for the public finances has deteriorated. The Bank of Finland has pointed out that the key to resolving the serious problems in the economy lies in structural reforms, fiscal consolidation and improved cost-competitiveness.
  • Liikanen, Erkki (2015)
    Bank of Finland. Bulletin 1/2015
    Euro area inflation, core inflation and both short and long-term inflation expectations declined strongly during the second half of 2014. As a result of the prolonged period of exceptionally weak price developments, the ECB’s price stability objective began to lose its role as a solid anchor to price formation in the euro area.
  • Liikanen, Erkki (2018)
    Bank of Finland. Bulletin 1/2018
    Recent developments in the euro area and global economy have been favourable. In the euro area, economic growth is strong and broad-based, which is also reflected in decreasing unemployment. The output gap has closed in most euro area countries on the back of economic growth. Inflation remains still subdued, but confidence in inflation converging towards the ECB's objective has strengthened. Despite current favourable developments, the lessons learned from the financial and euro crises must not be forgotten.
  • Liikanen, Erkki (2015)
    Bank of Finland. Bulletin 5/2015
    Resolving the protracted problems in the Finnish economy requires action in three areas. It is necessary to improve cost-competitiveness, continue structural reforms and end growth in the public debt.
  • Liikanen, Erkki (2017)
    Bank of Finland. Bulletin 1/2017
    Economic growth in the euro area is becoming more broadly based and there has already been four years of unbroken growth in GDP. The monetary policy of the ECB has been highly accommodative, lowering funding costs for both households and non-financial corporations across the euro area. Bank lending rates are at a historical low, which has strengthened credit growth. With lower unemployment and higher household incomes, confidence in future economic developments in the euro area is high. The accommodative monetary policy has buffered euro area growth against negative impacts from the growing global uncertainty, supported balance sheet restructuring in the financial sector and contributed to a reduction in leverage ratios.
  • Liikanen, Erkki (2018)
    Bank of Finland. Bulletin 3/2018
    Monetary policy has remained decidedly accommodative in the euro area, all throughout the different phases of the global financial crisis, sovereign debt crisis and the once-looming threat of deflation. To begin with, key interest rates were lowered rapidly. Secondly, the Outright Monetary Transactions (OMT) scheme was implemented to spare the monetary union the risk of break-up, which proved to be highly effective in raising confidence despite the total absence of asset purchases. Thirdly, the public sector purchase programme (PSPP) was initiated.
  • Liikanen, Erkki (2017)
    Euro & talous 1/2017
    Euroalueen talouskasvu on jatkumassa laaja-alaisena. Alueen BKT on kasvanut yhtäjaksoisesti jo neljä vuotta. EKP:n rahapolitiikka on tukenut kehitystä vahvasti, kun yritysten ja kotitalouksien rahoituskustannukset ovat kaikkialla pienentyneet. Pankkien antolainauskorot ovat historiallisen matalat, mikä on vahvistanut luotonannon kasvua. Kun työttömyys on vähentynyt ja kotitalouksien tulojen kehitys parantunut, on myös luottamus tulevaan talouskehitykseen euroalueella vahva. Kevyt rahapolitiikka on myös suojannut euroalueen talouskasvua kansainvälisen epävarmuuden lisääntymisen negatiivisilta vaikutuksilta, tukenut rahoitussektorin tervehdyttämistä ja edesauttanut velkaantumisen vähenemistä.
  • Liikanen, Erkki (2017)
    Bank of Finland. Bulletin 5/2017
    The current news on the Finnish economy is positive, and the outlook has improved. Economic growth has continued and is now more broadly based than before. Exports and corporate investment are both growing, in addition to household demand. The employment rate has gradually risen and the general government deficit shrunk. Cost-competitiveness has taken a turn for the better.
  • Liikanen, Erkki (2016)
    Euro & talous 1/2016
    Maailmankaupan ja nousevien talouksien kasvuvauhdin hidastuminen sekä rahoitusmarkkinoiden epävarmuuden lisääntyminen ovat varjostaneet euroalueen talouskehitystä. Maailmankaupan kohenemista painaa erityisesti nousevien talouksien, kuten Kiinan, kasvun hidastuminen. Euroalueella kasvu on edelleen kotimaisen kysynnän varassa. Talous- ja inflaationäkymien heikennyttyä EKP:n neuvosto päätti maaliskuussa 2016 useista toimista, joilla edistetään hintavakaustavoitteen saavuttamista. Muita merkittäviä maailmanlaajuisia tekijöitä, joiden vaikutus talousnäkymiin ulottuu pitkälle tulevaisuuteen, ovat ilmastonmuutoksen hallinta, raaka-aineiden hintojen suuret vaihtelut ja väestöliikkeiden huomattava lisääntyminen.
  • Liikanen, Erkki (2016)
    Bank of Finland. Bulletin 1/2016
    The slowdown in the growth rates of world trade and the emerging economies as well as increased financial market uncertainties have overshadowed euro area economic activity. World trade growth is dampened particularly by weaker growth in the emerging economies, including China. In the euro area, growth continues to rest on domestic demand. In view of the weakened economic and inflation outlook, the Governing Council of the ECB decided in March 2016 on several measures in the pursuit of its price stability objective. Other significant factors with worldwide effects extending far into the future include management of climate change, large fluctuations in commodity prices and a considerable increase in population migration.
  • Liikanen, Erkki (2017)
    Euro & talous 4/2017
    Resurssien vajaakäytön odotetaan asteittain vähenevän, ja maailmantalouden suotuisa kehitys tukee euroalueen kasvua. Nämä tekijät vahvistavat myös odotuksia, että vaimea inflaatio palautuu vähitellen tavoitteen mukaiseksi.
  • Liikanen, Erkki (2018)
    Euro & talous 1/2018
    Viime aikoina euroalueen ja maailman taloudet ovat kehittyneet suotuisasti. Euroalueen talous kasvaa vahvasti ja laaja-alaisesti, mikä näkyy myös työttömyyden pienentymisenä. Talouskasvun myötä tuotantokuilu on umpeutunut useimmissa euroalueen maissa. Inflaatio on kuitenkin edelleen vaimeaa, mutta luottamus siihen, että inflaatio lähenee EKP:n tavoitetta, on lisääntynyt. Tämän hetken suotuisasta kehityksestä huolimatta finanssi- ja eurokriisin opetuksia ei saa unohtaa.
  • Liikanen, Erkki (2017)
    Bank of Finland. Bulletin 3/2017
    Economic growth in Finland has accelerated following several years of weak performance, and growth is forecast to continue. Even so, the economy is still in a vulnerable condition. The industrial base has narrowed, the number of unemployed is high and general government finances are in deficit. Higher growth is now alleviating the problems in the economy but will not solve them. It is important to continue corrective measures that strengthen the economy.
  • Liikanen, Erkki (2015)
    Bank of Finland. Bulletin 4/2015
    The outlook for the global economy weakened during summer 2015. The sudden slowdown in economic growth in China was reflected in a considerable weakening of global stock markets and rising long-term interest rates. The global economy has also been affected by uncertainty about the timing of the US Federal Reserve’s monetary policy tightening. Capital inflows shifting into capital outflows from emerging economies has impaired their prospects. In the euro area, growth has been held back by the weakness of the Greek economy.
  • Liikanen, Erkki (2016)
    Bank of Finland. Bulletin 3/2016
    The euro area economy continued to grow in 2015, and forecasts for 2016 indicate a continuation of this positive trend. The unemployment rate has come down gradually from its previous high level. Notwithstanding the favourable general trend in the economy, euro area inflation has remained much slower than the target.
  • Liikanen, Erkki (2016)
    Bank of Finland. Bulletin 4/2016
    Thanks to the Eurosystem’s comprehensive monetary policy measures, monetary conditions in the euro area have been favourable. This is supporting recovery in the euro area economy. Euro area GDP is, in fact, expected to grow at a moderate pace in the immediate years ahead, and inflation is expected to gradually accelerate. This view is also supported by the Bank of Finland’s forecast for the global economy. Risks to the economic recovery relate mainly to developments in the external environment.
  • Liikanen, Erkki (2016)
    Bank of Finland. Bulletin 5/2016
    Of the various factors of uncertainty surrounding the international economic outlook at the present time, a substantial proportion relates to policy choices. Much expectation focuses on US economic policy in the immediate years ahead, but so far no details are known. Meanwhile, the United Kingdom’s new arrangements in respect of its international economic relations remain undecided, while the UK Government’s detailed objectives are not entirely clear. Politically motivated uncertainties regarding the economic outlook are also to be found elsewhere in Europe and beyond.
  • Liikanen, Erkki (2018)