Amidst the decline of cash usage, the need for households to retain the ability to pay with central bank money in an increasingly digital society is of paramount importance, states Tuomas Välimäki, a member of both the Board of Finland s Central Bank (Suomen Pankki) and the European Central Bank s Council (EKP).
Actively spearheading the development of new payment methods, Suomen Pankki has identified two prevailing themes shaping the future of transactions: the harnessing of digital technology and the move towards real-time settlements.
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
The Finnish economy is expected to remain in a state of hibernation, according to Suomen Pankki s latest forecast. The country slipped into a recession in the fall of 2022 due to the energy crisis caused by Russia s aggressive war. The effects of unusually rapid inflation and significantly rising interest rates will have a delayed impact on the economy. However, the recession is expected to be short and mild. The turbulence in international financial markets increases economic uncertainty and may lead to weaker-than-expected economic growth in Finland.
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