Engagement and cooperation
The Bank of Finland’s influence is based on expertise and research. The Bank participates in social debate and promotes financial literacy in Finland. In 2021, the Bank of Finland Museum expanded its activities to include a Financial Literacy Centre.
The Bank of Finland’s statements on domestic economic policy are based on the objectives set by law and in the EU Treaty.
The statements focus on the identification of problems and assessment of the effects of alternatives for action. The ultimate objectives of the Bank’s statements are price stability, balanced economic growth and financial stability.
COVID-19 pandemic made economic forecasting more difficult – long-term attention in Finland’s sustainability gap
In 2021, the Bank of Finland published two forecasts for the Finnish economy, which signalled that the domestic economy would rapidly recover from the recession.
In the early phase of the COVID-19 crisis, extensive and swift response of economic policy succeeded in preventing a wave of bankruptcies and mass unemployment. The pandemic dragged on, however, increasing public debt and thus the need to strengthen the public finances.
Going forward, instead of expansionary fiscal policy, it is important to pay attention to the challenges posed by the ageing population, rising interest rates and future crises.
In 2021, as in previous years, the Bank of Finland highlighted the key role of the labour market and employment for economic growth. Investments in education and facilitating work-based immigration, as well as research, development and innovation can support the growth potential of the economy.
2021 was a record-busy year for Bank of Finland’s economic research activities
In 2021, the Bank of Finland cooperated actively in the field of international research.
Discussion papers covered a wide array of topical international themes. The Bank of Finland also co-organised several domestic and international meetings and events in 2021.
There was a clear increase in the number of the Bank’s research articles published in international journals. In addition to the COVID-19 pandemic, research themes were influenced by, for example, the ECB’s strategy review.
Eurosystem is the Bank of Finland’s most important network for cooperation
Economic and financial issues related to central bank policies are cross-border in nature, so measures to address them call for close international cooperation.
The most important cooperation network is the Eurosystem, which consists of the ECB and the national central banks of the countries that have adopted the euro.
In 2021 , the 30th anniversary conference of the Bank of Finland Institute for Emerging Economies (BOFIT) brought together central bank governors and leading researchers in the field of emerging economies.
The Bank also participated in the work of international and European institutions and committees and cooperated with the national central banks of other countries.
In 2021, COVID-19 pandemic highlighted importance of communication
The Bank of Finland’s communication goals are to produce clear content on monetary policy and financial stability issues and to reach key target groups by providing diversified information on the Bank’s various communication channels.
Accordingly, the Bank of Finland shared content with a broad range of audiences in 2021.
Social media took an increasingly prominent role in the provision of information. The Bank of Finland’s publications reached almost 2.5 million users, of which 70% were on Twitter.
Visualisations and short videos made the topics easier to understand, and in-depth articles provided more detailed information.
The Bank of Finland regularly measures the effectiveness of its communications.
Bank of Finland wants to encourage citizens’ interest in financial matters
One of the Bank of Finland’s strategic priorities is to foster citizens’ financial literacy. As the key target group is young people, the Bank of Finland cooperates with educational institutions.
In 2021, the Bank of Finland Museum expanded its activities to include a Financial Literacy Centre, sharing economic and financial information through gaming applications, for example.