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Articles by Suomen Pankki
Monetary policy in times of geopolitical tensions and technological disruption
Governor Olli Rehn delivered a speech at the CEPS Macro group webinar on 20 October 2026 (Slides, PDF) The euro area economy has shown resilience and performed somewhat better than expected despite the tensions in the Middle East. Expectations for growth in the rest of the year have also strengthened compared to earlier projections.
Asia-Pacific and Europe: Building resilience and growth in an age of geopolitics and fragmentation
Governor Olli Rehn gave a speech at the OMFIF symposium “Forging Growth, Trade and Investment between Europe and Asia-Pacific,” organized by OMFIF and DZ Bank in Bangkok on 17 October 2026. (Presentation slides, PDF) Ladies and gentlemen, dear friends, Good afternoon, and thank you for having me on this panel. David and I agreed that I would start with where Europe stands, and how we can build resilience and growth together. Let me begin with Asia.
Monetary Policy in Testing Times: Power Politics and AI
Governor Olli Rehn's introductory remarks for the Citi Macro Forum in Bangkok on 14 October 2026 (Presentation slides, PDF) Ladies and gentlemen, Good morning, everyone. It is a pleasure to be here at the Citi Macro Forum to discuss the economic outlook and the challenges facing monetary policy in exceptionally testing times. Slide 2. Europe is resilient – but under geopolitical and technological pressure Let me focus on three themes today.
Peiyuan Li (Duke Kunshan University) - State Censorship and Global Demand: Evidence from China’s Book Bans
loka 27 MS Teams tiistai 27.10.2026, 10.30 BOFIT Seminar - Peiyuan Li (Duke Kunshan University) - State Censorship and Global Demand: Evidence from China’s Book Bans Abstract Does censorship suppress the content it targets, or advertise it? Evidence from public book bans suggests restriction can raise demand, but little is known about quiet removal under an authoritarian information regime.
Michael Ehrmann (Frankfurt School of Finance and Management) - TBA
loka 22 MS Teams torstai 22.10.2026, 10.30 Michael Ehrmann (Frankfurt School of Finance and Management) will present his research, and the paper will be announced later. Online Research seminars organized by the Bank of Finland's Research Unit are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in the Online Registration Form.
Olga Zajkowska (Institute of Economics of the Polish Academy of Sciences) - Labour Market Attitudes, Institutional Trust, and Migration Perception in Times of Wars: Evidence from Ukraine
loka 13 MS Teams tiistai 13.10.2026, 10.30 BOFIT Seminar - Olga Zajkowska (Institute of Economics of the Polish Academy of Sciences) - Labour Market Attitudes, Institutional Trust, and Migration Perception in Times of Wars: Evidence from Ukraine AbstractMost research on the economic consequences of Russia's full-scale invasion of Ukraine has focused on those who left, particularly refugees' integration into host-country labour markets.
Camelia Minoiu (Federal Reserve Bank of Atlanta) - Shock Propagation through Bank-Nonbank Linkages: Evidence from Private Credit
syys 17 MS Teams torstai 17.9.2026, 13.00 Research Seminar - Camelia Minoiu (Federal Reserve Bank of Atlanta) - Shock Propagation through Bank-Nonbank Linkages: Evidence from Private Credit Co-author: Manasa Gopal and Veronika Penciakova Online Research seminars organized by the Bank of Finland's Research Unit are open to all researchers interested in the subjects covered. Those wishing to attend a seminar are kindly asked to register in advance, by filling in the Online Registration Form.
12th Workshop of the MPC Taskforce on Banking Analysis for Monetary Policy
The Bank of Finland will host the 12th Workshop of the MPC Taskforce on Banking Analysis for Monetary Policy. The workshop is organised in cooperation with the European Central Bank.
Bank of Finland: Money, stability and growth
During a visit by a delegation of students and professors from the Bindura University of Science Education (BUSE) on 31 August, Member of the Board Tuomas Välimäki explored a fundamental question for central banking: What does a central bank contribute to economic development? Slides (pdf) The Bank of Finland: money, stability and growth Good morning, and a very warm welcome to the Bank of Finland Museum.
In Memory of Siim Kallas – Speech by Governor Olli Rehn, former Vice-President of the European Commission, at the State Memorial Service, Estonia Concert Hall, 29 August 2026
Governor Rehn's remarks at the State Memorial Service for Siim Kallas on 29 August 2026. Dear Kristi, Kaja, Ülo and the entire family, Dear friends of Siim, Ladies and Gentlemen, We have come together today to remember a remarkable Estonian, a great European — and, for many of us, a dear friend. I had the privilege of sitting beside Siim around the same Commission table in Brussels for ten years.
Back to school: Passing Europe's triple test
Europe faces a triple test: it must strengthen its defense capabilities, diversify its energy sources while accelerating the green transition, and improve productivity through investment and innovation. Governor Olli Rehn gave a keynote speech at OMFIF Nordic SSA Forum in Helsinki on 19 August 2026. Presentation slides (PDF) Ladies and Gentlemen, Dear Colleagues and Friends, It is a great pleasure to address OMFIF's Nordic SSA Forum, here at the premises of the Nordic Investment Bank.
Systemic Risk in an Age of Uncertainty
In her keynote address at the 11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics, Deputy Governor Marja Nykänen highlighted that financial stability is necessary for sustainable economic growth and prosperity. Good morning everyone, and welcome to Helsinki! It is a real pleasure to see so many of you here and online.
Systemic risk, resilience and competitiveness in a changing technological landscape
Governor Olli Rehn held a keynote speech about systemic risk, resilience and competitiveness in a changing technological landscape at the 11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics in Helsinki on 3 June 2026. Dear Ladies and Gentlemen, Colleagues and Friends, Let me wish you a very warm welcome to the 11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics.
Central banks and the future of money: trust, resilience and renewal
Member of the Board Tuomas Välimäki discussed the future of money from the perspectives of trust, payment resilience and renewal in his opening remarks at the policy panel of the 2026 Bank of Korea International Conference, Central Banks and the Future of Money, on 2 June in Seoul. He emphasised that while technology can change the form of money, central banks must safeguard the trust that makes money work.
BOFIT Forecast for China 2026–2028 Webinar
touko 05 MS Teams tiistai 5.5.2026, 16.00 BOFIT will release its China Forecast for 2026–2028 on 5 May 2026 in Teams at 16.00-17.00 (UTC +3). Agenda: China Forecast for 2026-2028 / Senior Economist Riikka Nuutilainen Beijing’s plans and their economic implications / Senior Economist Juuso Kaaresvirta Comments and questions To attend the webinar, register via the online form. Registration will close on 5 May at 15.00 (UTC+3). The forecast will be published here on 5 May, 2026.
Speech by Olli Rehn: Geopolitical turmoil and the Eurozone
Governor Olli Rehn gave a speech on geopolitical turmoil and the eurozone at the Washington Economic Festival: Global Macro Sessions, organized by Reinventing Bretton Woods Committee, in Washington DC on 16 April 2026. Presentation (PDF) Chair, Ladies and Gentlemen, Dear Friends, Thank you for the invitation to give a talk and exchange views with this distinguished audience today. Let me provide you with a European perspective and divide my introductory remarks into three parts.
Governor Olli Rehn: Interview in Milano Finanza, 6 December 2025
Governor Rehn's interview on monetary policy and financial stability. Governor Olli Rehn Interview in Milano Finanza, by Francesco Ninfole Published on 6 December 2025 An edited transcript of the interview Question: Do you see more downside or upside risks to inflation? Answer: The good news is that inflation has stabilised around the ECB's symmetric 2% target in the medium term, and this is supporting real incomes in Europe.
Europe and Finland - Resilience under the shadow of power politics
Governor Olli Rehn's speech at The Bank of Finland’s biannual lunch for EU Heads of Mission on 28 November 2025. Your Excellencies, Dear Friends, Hello and a very warm welcome to the Bank of Finland. This lunch seminar at the start of the holiday season is definitely one of the highlights of our calendar. I am delighted to see you here today, and I look forward to the lively discussion that is always an essential part of this gathering.
Central bank liquidity and balance sheet: navigating the shallows after the high tide of liquidity
“The ECB’s balance sheet needs to decline further before we expect the automatic stabilizers activating themselves, but we don’t need to hurry with new structural operations.
Money and the Monetary System − Case Finland, 1811-2030
Governor Olli Rehn gave a lecture at Tampere University on 12 November 2025. Presentation (PDF) Let me begin by thanking Tampere University for inviting me to give this lecture today. It is truly a great pleasure and an honour, as your university conducts first-class research in the social sciences, including economics. The Finnish Centre of Excellence in Tax Systems Research is a well-known case in point.
“Cybersecure solutions and trust in financial services are foundational to modern society. A resilient economy and financial system are essential under all circumstances”, said Member of the Board Tuomas Välimäki in his opening remarks at the Impact of AI
“Cybersecure solutions and trust in financial services are foundational to modern society. A resilient economy and financial system are essential under all circumstances”, said Member of the Board Tuomas Välimäki in his opening remarks at the Impact of AI on Economy, Finance and Supervision seminar on 5 November 2025. Good morning, ladies and gentlemen. I am delighted to welcome you to this seminar, whether you are here in Helsinki or online.
On Nordic influence in Europe
Joining the euro would give Denmark and Sweden a seat at the table where decisions are made about the single currency. Nordic influence would grow both in the Eurosystem and in the wider EU, says Governor Olli Rehn in remarks at the Trilateral Commission Nordic Seminar dinner in Helsinki. This is of course a sovereign matter for the Danish and Swedish peoples and their parliaments, Rehn added.
Europe and the Euro in a Changing International Monetary System
A stronger international role for the euro requires a stronger, more dynamic Europe, said Governor Olli Rehn at the Peterson Institute for International Economics on 17 October 2025. Presentation (PDF) Ladies and Gentlemen, Dear Colleagues and Friends, It’s a real pleasure to be back at the Peterson Institute, a place that for decades has helped shape how we think about the world economy: fact-based, open-minded, and not afraid to challenge conventional wisdom.
Monetary policy in the shadow of geopolitics and trade tensions
Bank of Finland Governor Olli Rehn's introductory remarks at the Bank of Finland’s 4th Monetary Policy Conference on Monetary Policy in the Shadow of Geopolitical Tensions and Trade Conflicts in Helsinki on 30 September 2025.
The Payment and Settlement System Simulator Seminar has grown into a unique forum for both users and researchers
Member of the Board Tuomas Välimäki opened the 23th Payment and Settlement System Simulator Seminar on 28th August 2025 in Helsinki. Dear colleagues, dear friends, It is my great pleasure to welcome you all to the 23rd Simulator Seminar here in Helsinki. I am Tuomas Välimäki. Since 2018, I have served as a Member of the Board of the Bank of Finland, with responsibility, among other things, for Payment systems.
Governor Olli Rehn: Interview in Süddeutsche Zeitung, 30 June 2025
Governor Olli Rehn's interview on the question of whether the fight against inflation has already been won and what he expects from the new German government in its approach with Russia. Governor Olli Rehn Interview in Süddeutsche Zeitung, by Markus Zydra Published on 30 June 2025 an English translation of the interview Last week the world feared Iran could close the Street of Hormuz which would have led to extremely high oil prices. Now every horror scenario is off the table.
10th RiskLab Finland, Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics
AI (Artificial Intelligence) is a new transformative technology that has shown its potential during the recent years. As evidenced, the fast development of AI methods and data centricity in finance is providing opportunities, but it is also posing new challenges to our economies. In particular, we have seen an uplift in several areas of AI, but especially in language technology and LLMs (Large Language Models).
Preventing Monkeys from running Monetary Policy operational frameworks
Dinner speech by the Member of the Board Tuomas Välimäki at the Bank of Finland & SUERF Conference on Monetary Policy Implementation: Old Wisdoms and New Trends in Helsinki on 11 June 2025. Dear friends, dear colleagues, I start with two pledges. First, this will be my final intervention today, and second, I’ll be brief. Some of you know that we were supposed to hear an excellent dinner speech by Francesco Papadia, my dear friend and co-author.
A new dawn, a new day, a new life for monetary policy implementation
How we implement monetary policy shapes the financial system and its infrastructure in a fundamental way. – This is a moment of opportunity. The Eurosystem has a solid operational foundation. Now is the time to learn, refine, and adapt. We’re not starting from scratch.
Bank of Finland and CEPR Joint Conference on Frontiers of Monetary Economics in the 21st century: Where and Where to?
touko 13 Helsinki, Finland tiistai 13.5.2025, 8.50 In addition to contributed papers, the program will feature presentations by invited speakers Klaus Adam (University College London and CEPR), Francesco Bianchi (Johns Hopkins University), Swati Dhingra (Bank of England, London School of Economics and CEPR), Sebnem Kalemli-Ozcan (Brown University and CEPR) and policy keynote by Governor Olli Rehn (Bank of Finland). Find the program below and in PDF-format here.
Walking a fine line: The European economy and ECB monetary policy in a shifting global landscape
Bank of Finland Governor Olli Rehn's remarks at the LC-MA Forum 28th April. Presentation Let me first thank the LCMA [Lorenzo Codogno Macro Advisors] for inviting me to speak at this conference. To kick off, I will briefly discuss the ongoing change in the global landscape and its implications for the economic outlook in the euro area and for the ECB’s monetary policy. Slide 2.
The European Economy in the New Landscape of Power Politics and Trade Protectionism
As globalisation and multilateralism frays, Europe finds itself at a crossroads, said Governor Olli Rehn at the Washington Economic Festival on 24 April 2025. Reinventing Bretton Woods Committee, Washington Economic Festival 24 April 2025 Presentation (PDF) Chair, Ladies and Gentlemen, dear Colleagues, Thank you for the invitation to speak today.
Jamel Saadaoui (University Paris 8) - Ensuring the Security of the Clean Energy Transition: Examining the Impact of Geopolitical Risk on the Price of Critical Minerals
huhti 29 MS Teams tiistai 29.4.2025, 10.30 BOFIT Seminar - Jamel Saadaoui (University Paris 8) - Ensuring the Security of the Clean Energy Transition: Examining the Impact of Geopolitical Risk on the Price of Critical Minerals Co-authors: Russell Smyth (Monash University) and Joaquin Vespignani (University of Tasmania and Australian National University) AbstractEnsuring a stable supply of critical minerals at reasonable prices is essential for the clean energy transition.
Speech by Olli Rehn at the hearing of the ECON committee
Olli Rehn, First Vice-Chair of the European Systemic Risk Board and the Governor of Bank of Finland gave a speech at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament. The speech was published by the ESRB on 20 February. Thank you for inviting me here today to discuss how I intend to conduct my duties as the First Vice-Chair of the European Systemic Risk Board (ESRB).
Governor Olli Rehn: Interview in Financial Times, 6 February 2025
Governor Olli Rehn's interview on economic outlook and monetary policy in the euro area. Governor Olli Rehn Interview in Financial Times, by Olaf Storbeck Published on 6 February 2025 an edited transcript of the interview What’s your view on a potential trade war between Europe and the U.S.? Rehn: In the current context where there is an ongoing brutal war in in Europe, and weak growth, the last thing we need ist a new trade war — especially between allies. But how well is Europe prepared?
Marco Bassetto (Federal Reserve Bank of Minneapolis) - A Monetary-Fiscal Theory of Sudden Inflations
Dec 16 MS Teams Monday 16 December 2024, 10:30 AM Research Seminar - Marco Bassetto (Federal Reserve Bank of Minneapolis) - A Monetary-Fiscal Theory of Sudden Inflations Co-author: David S. Miller (Federal Reserve Board) Abstract This paper posits an information channel as an explanation for sudden inflations. Households saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses.
Michael McMahon (University of Oxford) - Getting through: Communicating complex information
Dec 12 MS Teams Thursday 12 December 2024, 10:30 AM Research Seminar - Michael McMahon (University of Oxford) - Getting through: Communicating complex information Co-author: Matthew Naylor (Bank of England) Abstract Policymakers communicate complex messages to multiple audiences; we investigate how complexity impacts messages `getting through' effectively.
Drivers of Inflation in a Small Open Economy within a Monetary Union: Experiences from Finland
Bank of Finland’s Member of the Board Tuomas Välimäki gave remarks on drivers of inflation in a small open economy within a monetary union at The SNB and Its Watchers 2024 Conference in Zurich. 22 November 2024 Presentation (pdf) Dear colleagues, Thank you for inviting me to speak at this distinguished panel here in Zurich. It is an honor to be here today.
Andrea Ferrero (University of Oxford) - Optimal Stabilization Policies in the Wake of Large Shocks
Nov 21 MS Teams Thursday 21 November 2024, 10:30 AM Research Seminar - Andrea Ferrero (University of Oxford) - Optimal Stabilization Policies in the Wake of Large Shocks Co-authors: Richard Harrison (Bank of England) and Benjamin Nelson (Balyasny Asset Management L.P.) Abstract Motivated by the powerful and multi-dimensional policy response to the Covid-19 pandemic, this paper examines optimal monetary and fiscal policy responses when large shocks force the zero lower bound on the policy rate...
Opportunities and challenges of AI in the economy, finance and supervision
The AI and data revolution must be harnessed to improve Europe’s competitiveness and stability, as well as to enhance the resilience of the economy and financial system, said deputy Governor Marja Nykänen when opening the seminar on the impact of AI on economy, finance and supervision. Helsinki, 13 November 2024 Good morning, ladies and gentlemen. It is my great pleasure to warmly welcome you all to this very topical seminar.
Byung-Yeon Kim (Seoul National University) - China-North Korean Trade and Implications for Geopolitics
Nov 19 MS Teams Tuesday 19 November 2024, 10:30 AM BOFIT Seminar - Byung-Yeon Kim (Seoul National University) - China-North Korean Trade and Implications for Geopolitics AbstractUsing data on trade from 1995 to 2024, my presentation deals with the economic relations between China and North Korea. More specifically, it first looks at the trend and the composition of such trade during the above period.
The IMF’s concluding statement on the Finnish economy
The International Monetary Fund (IMF) published its concluding statement on the Finnish economy on Friday 8 November. According to the IMF, Finland’s economy has started to recover from recession. Moderate growth of 1.6% is projected for the economy in 2025, and growth of slightly below 1½% in the medium term. Finland’s economic outlook is nevertheless subject to downside external risks, including the impact of Russia’s war in Ukraine.
Application period now closed for position of Governor of the Bank of Finland
The application period for the position of Governor of the Bank of Finland closed at 12:00 noon on Friday 8 November 2024. A total of 8 applications for the position had been received by the deadline. The applicants are: Name and qualification Current position Current employer Viktoria Ahola, BSc (Econ. & Bus.
Chinese economic growth expected to slow further in 2024-2026
The newest forecast from the Bank of Finland’s Institute for Emerging Economies (BOFIT) sees China’s economic growth on a slowing trend. Real GDP growth this year is expected to remain around 4 percent. Cyclical and structural factors should diminish growth to around 3½ percent next year and 3 percent in 2026. Uncertainty over China’s official reported figures has risen. “Structural and cyclical factors continued to drag down Chinese growth this year,” notes BOFIT senior economist Juuso Kaaresvirta.
Europe in Search of Growth and Productivity in the Shadow of Geopolitics
Bank of Finland Governor Olli Rehn delivered remarks on the euro area economy and monetary policy at the Peterson Institute for International Economics.
Global Economy: Fragmentation, Decoupling or Slowbalisation?
Bank of Finland governor Olli Rehn delivered a keynote speech in a conference co-organised by the European Central Bank, Hong Kong Institute for Monetary and Financial Research and Bank of Finland Institute for Emerging economies. Global Economy: Fragmentation, Decoupling or Slowbalisation?
Speech by Olli Rehn at the hearing of the ECON committee of the European Parliament
Governor Olli Rehn gave a speech to the European Parliament’s Committee on Economic and Monetary Affairs during an informal exchange of views with the candidates for the position of ECB Vice-President on 14 January 2026. Mme. Chair Aurora Lalucq, Honourable Members, Dear Friends, Thank you for the opportunity to meet with you and discuss our shared European challenges, and the role of the ECB Vice-President.
The European economy under pressure: How is geopolitics impacting trade, finance and competitiveness?
Bank of Finland Governor Olli Rehn gave remarks on Europeam economy amid tense geopolitacl lanscape at the annual meeting with the EU Heads of Mission Helsinki, 2 December 2024 Presentation (PDF) The European economy under pressure: How is geopolitics impacting trade, finance and competitiveness? Your Excellencies, Distinguished Guests, Ladies and Gentlemen, Let me warmly welcome you to this traditional lunch event at the Bank of Finland.
Speech by Olli Rehn: Advancing Digital Financial Literacy in Finland
Governor Olli Rehn's opening remarks at the Advancing Digital Financial Literacy in Finland event at the Bank of Finland Museum on 16 September 2026. Dear Colleagues and Friends of Financial Literacy, Good afternoon! It is a great pleasure to welcome you today to the launch of Finland’s Digital Financial Literacy Strategy. It is always a delight to gather here at the Bank of Finland Museum, which is such an important hub for financial education.
Governor Olli Rehn: How to navigate geopolitical turmoil in central banking? A European perspective
With the right policies and a long-term perspective, Europe can turn today’s challenges into tomorrow’s opportunities. Rest assured, monetary policy will do its part, said Governor Olli Rehn in his speech at the ECB and Its Watchers conference organised by the Institute for Monetary and Financial Stability. How to navigate geopolitical turmoil in central banking?
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