Engagement and cooperation
The importance and reliability of the Bank of Finland’s communications took on great significance amid the crises experienced in 2022. The Bank of Finland expressed its views on various matters including particularly the impact of the energy crisis on the Finnish economy and the assessment of related policy measures.
The Bank of Finland provides independent and research-based analysis and expertise for use by decision-makers and in Finnish society in general.
As in previous years, the Bank of Finland analysed the state of the economy and took part in the domestic debate on economic policy.
Energy crisis dominated economic outlook for Europe and Finland in 2022
The support measures taken in Finland to tackle the energy crisis have been moderate by international comparison.
The Bank of Finland emphasised that the support measures should be targeted more precisely at those households which are suffering the most. The measures should also be implemented in such a way that they do not adversely affect incentives for saving energy or slow the green transition.
In expressing its views in 2022, the Bank of Finland stressed the need for conditions to be in place for achieving economic growth that is sustainable. This can be done by raising education levels, introducing wide-ranging measures to develop the labour market and supporting research and innovation.
New research projects at the Bank of Finland dealt extensively with topics such as monetary policy transmission and inflation expectations. The activities of the Bank of Finland Institute for Emerging Economies (BOFIT) were very much shaped by the need for analysis of the economic impact of Russia’s war in Ukraine.
Bank of Finland engages in close international cooperation
Economic and financial issues within the scope of central bank policies are cross-border in nature, so measures to address them call for close international cooperation.
Russia’s war in Ukraine highlighted the importance of global cooperation in 2022.
After the need to hold meetings online during the COVID-19 pandemic, an increasing number of meetings in 2022 were once again held face-to-face.
Meetings of the International Monetary Fund (IMF) took on greater importance during the year as a forum for international cooperation. Global challenges, such as the food crisis, the energy crisis and climate change, require cross-border collaboration.
Bank of Finland’s communications in 2022 highlighted the economic impacts of Russia’s war in Ukraine and the energy crisis
Contingency preparations and continuity management have become increasingly important aspects of the work of the Bank of Finland.
The proactive research and analysis work carried out by the Bank of Finland proved its value after Russia invaded Ukraine, as the Bank gained a lot of media coverage of its expert opinions and forecasts for the Finnish economy.
The importance of the Bank of Finland’s communications and the need for these to be reliable took on great significance in 2022, and the Bank attracted international attention for its analyses of the economic crisis caused by Russia’s war in Ukraine.
The Bank of Finland assessed the economic impacts of the crisis during the year and actively communicated on its findings. In particular, experts from BOFIT made frequent appearances in the Finnish and international media.