Operations and strategy
1.2 Bank of Finland put its new strategy in place during 2021
In 2021 the Bank of Finland focused on implementing the strategy decided by the Board in December 2020 as well as on strengthening its values and assessing changes in the operating environment.
Fostering a sustainable economy and stability
The Bank of Finland’s mission statement summarising its purpose is as follows: ‘The Bank of Finland fosters a sustainable economy and stability’. This is based on legislative provisions, and the Bank pursues this mission in its capacity as national central bank and member of the Eurosystem.
The following core functions complement the mission statement:
- maintaining price stability
- promoting financial stability
- ensuring the effectiveness and security of the payment system
- supporting sustainable growth and high employment in Finland and the EU.
The Bank of Finland’s vision of its future serves as a guidepost for its activities
The Bank of Finland’s vision of its future is expressed as follows: ‘The Bank of Finland is an influential and respected central bank that maintains price and financial stability in all circumstances with the aim of promoting citizens’ wellbeing.’
The Bank of Finland carried through five strategic priorities in its activities in 2021:
- COVID-19 crisis impact assessment and solutions;
- contributing to the review and reform of the ECB’s monetary policy strategy;
- preparing for the Eurosystem’s central bank digital currency;
- knowledge-based management and influencing; and
- contributing to domestic economic policy and fostering financial literacy.
Bank of Finland strategy viable in a changing operating environment
In 2021, the Bank of Finland organised three online strategy seminars for senior management.
The first of the strategy seminars focused on leadership and resulted in a joint leadership vision for the Bank of Finland and the Financial Supervisory Authority. This leadership vision is a shared understanding of the sustained management work required to enable achievement of strategic goals by staff whose wellbeing needs are met.
In the other two online seminars, the Bank of Finland’s senior management examined the Bank’s strategy in terms of how effective it is in a changing operating environment. They concluded that the mission and vision statements and the principles guiding the Bank of Finland’s activities were up to date and provide a sound basis for the Bank’s work and its future development.