The Bank of Finland’s operations and strategy
The Bank of Finland is Finland’s monetary authority and national central bank. At the same time it is part of the Eurosystem. The Bank of Finland builds a sustainable economy and stability.
In 2020 the Bank of Finland renewed its strategy. The aim of the new strategy is to ensure that the Bank can in the future continue to be a stable and effective operator in a constantly changing operating environment.
The new strategy is based on comprehensive scenario work
We began the renewal of our strategy with a careful analysis of the operating environment. This scenario work helps us anticipate how the Bank of Finland’s operating environment will change in the 2020s.
The three scenarios developed through this work were applied in the strategy work by considering what the Bank of Finland’s opportunities, risks and strategic alternatives would be in the three operating environments outlined in the scenarios.
The Bank of Finland implements its vision systematically
According to the Bank of Finland’s vision: ‘The Bank of Finland is an effective and respected central bank that maintains price and financial stability under all circumstances in order to foster the wellbeing of all Finland’s citizens.’
The vision can be broken down into nine principles that guide the work of the Bank and indicate how we can achieve the objective set out in the vision.
According to these principles, among other things, the Bank of Finland uses its expertise to generate added value, provides reliable and progressive central bank services, secures the continuity of its operations under all circumstances, develops its working methods with a view to the long term and maintains a stable distribution of profits to the State.
Strategic focal points complement the new strategy
The Bank of Finland’s new strategy is complemented by the strategic focal points selected by the Board. These will guide implementation of the strategy during the operational period 2021–23.
According to the strategic focal points, The Bank of Finland will, for example, assess the impacts of the COVID-19 pandemic, participate actively in the updating of the European Central Bank’s monetary policy strategy and contribute to preparations for a European central bank digital currency.
Teleworking the new normal – COVID-19 pandemic affected how we work
2020 was a challenging year for all employers and employees on account of the COVID-19 pandemic. During the prolonged pandemic the Bank of Finland supported our staff’s crisis durability in many different ways.
A Central Bank’s responsibility derives from its core functions
Key points in the Bank of Finland’s Sustainability programme are promoting sustainable growth and wellbeing, influencing through information and cooperation, and management of climate risks.