Tag: European Central Bank
469 counterfeit euro banknotes were found in Finland last year
The next most were 166 for 50-euro counterfeits and 37 for 10-euro counterfeits. “In 2022, the number of counterfeits found in circulation was low compared to previous years. Although there are few counterfeits in circulation, it is always good to pay attention to the banknote’s security factors when handling banknotes.” says the banknote expert Olli […]
German real estate market plummets report
A decade-long boom in deal-making has been slowed by a deteriorating economic environment, BNP Paribas says The real estate sector in Germany fell in the last three months of 2022 due to rising financing costs and to note inflation in Europe’s largest economy, a report published on Monday by BNP Paribas showed. Investment in the […]
The Bank of Finland reiterates its concern about household debt amid rising interest rates
With the European Central Bank (ECB) announcing that it plans to continue tightening monetary policy to curb inflation this year, interest rates could rise to close to four percent by summer. Marja NykänenThe vice-chairman of the board of the Bank of Finland stated to Helsingin Sanomat on Thursday that household debt servicing costs have risen […]
Croatia becomes a fully integrated EU member
ZAGREB, Croatia: On January 1, Croatia became a full member of the European Union, removed dozens of border controls and switched its currency to the euro. After joining the EU’s ID-check-free Schengen zone, Croats now belong to nearly 420 million people who can freely travel around the bloc’s 27 member states without passports for work […]
What major events does 2023 have in store
From King Charles III’s upcoming coronation at Westminster Abbey to the first ever Africa Super League and commemorating the 50th anniversary of Pablo Picasso’s death, FRANCE 24 looks ahead to the new year and shares some of the major events coming up in 2023. Croatia adopts the Euro and joins the Schengen Area More than […]
10 world events that marked the year 2022
Russia’s invasion of Ukraine, the protest movement in Iran, the abortion issue in the United States – 2022 was rich in different events. AFP offered a list of the 10 events that, according to the agency, marked the world this year. Putin invaded Ukraine On February 24, Vladimir Putin ordered Russian troops to invade Ukraine, […]
Eurozone bailout fund serves no purpose: Italy’s Meloni
ROME, Italy: Italian Prime Minister Giorgia Meloni has said the eurozone bailout fund serves no useful purpose, and has told the European Central Bank (ECB) to be more careful in how it communicates. In a three-hour press conference at the end of the year, Meloni, leader of the hard-right Brothers of Italy party, said, “The […]
Right-wing example in Europe, long-term impact still uncertain
© Provided by Xinhua Voters across much of Europe have swung far to the right in their quest for change as they have been hit by rising energy bills and record inflation intensified by the ongoing Ukraine crisis. ROME, Dec. 27 (Xinhua) — With successes in Italy and Sweden and a foothold in Hungary and […]
Yearender: Right-wing example in Europe, long-term impact still uncertain
ROME, Dec. 27 (Xinhua) — With successes in Italy and Sweden and a foothold in Hungary and Poland, right-wing nationalism has been on the rise in Europe in 2022. Voters across much of Europe have swung far to the right in their quest for change as they have been hit by rising energy bills and […]
HS: Economists expect the employment situation to worsen in the coming months
However, the Finnish economy is widely expected to turn into recession at the beginning of next year, which creates uncertainty in the labor market as well. “It is quite inevitable that the cooling of the economic situation will start to affect the labor market little by little”, Jukka Appelqvist, chief economist of the chamber of […]
The US dollar rises amid hawkish central bank signals
NEW YORK, Dec. 16 (Xinhua) — The U.S. dollar rose in late trade on Friday as market participants digested statements from major central banks. The dollar index, which measures the greenback against six major peers, rose 0.14 percent to 104.7030, after a 0.76 percent jump in the previous session. In late New York trading, the […]
The Social Democrats propose a price ceiling for electricity, which surprises other parties
SDP estimates that the costs of the ceiling limit could be covered with the proceeds of the windfall tax imposed on the excess income of energy companies. The tax, which is being prepared by the Ministry of Finance, is expected to generate approximately EUR 0.5–1.3 billion in revenue starting in 2024. The proposal raised eyebrows […]
US dollar firms after the Fed’s policy announcement
NEW YORK, Dec. 15 (Xinhua) — The U.S. dollar strengthened in late trade on Thursday, driven by hawkish messages from the Federal Reserve. The Fed on Wednesday raised interest rates by 50 basis points and set the target range for the federal funds rate at 4.25 percent to 4.5 percent, the highest level in 15 […]
The US dollar slips amid economic data
NEW YORK, Dec. 8 (Xinhua) — The U.S. dollar weakened in late trade Thursday as market participants digested a flurry of economic data. The dollar index, which measures the greenback against six major peers, fell 0.31 percent to 104.7760. In late New York trading, the euro rose to US$1.0561 from US$1.0515 in the previous session, […]
Rehn: A recession in the Eurozone would be a disadvantage for Finland rather than a collapse
“The rising cost of energy has also increased food prices. The increase in food prices affects all citizens, but especially those with low incomes, for whom the food bill eats up the lion’s share of the income, he said. quoted saying Helsingin Sanomat’s public hearing in the parliament’s trade committee. Eurostat has reported that consumer […]
Inflation in Finland accelerated to 8.3 percent in October
The average interest rates for both housing and consumer loans are higher than before, the former 67 percent and the latter 24 percent from the previous year. Kristiina Nieminensenior statistician from Statistics Finland, reminded that interest rates were expected to rise as a result of the reference rate hikes initiated by the European Central Bank […]
US dollar rises amid ECB decision, economic data
NEW YORK, Oct. 27 (Xinhua) — The U.S. dollar appreciated in late trade Thursday as market participants analyzed a key European Central Bank (ECB) decision and recently released economic data. The dollar index, which measures the greenback against six major peers, rose 0.81 percent to 110.5870. In late New York trading, the euro was down […]
Marin: Politicians must be able to discuss economic policy coordination
“The root cause of inflation is the high price of energy, so we need to focus on two things in particular. We need to rapidly increase energy production to solve this supply problem. And another thing we need to discuss and find solutions for is energy pricing,” he said quoted saying from STT. He considered […]
Saarikko denies Marini’s obvious criticism of the central bank as unfounded
the Treasury minister Annika Saarikko (Centre) on Monday denied the criticism leveled at the central bank as groundless, reports YLE. He felt that central banks would face even more criticism if they had decided not to take action to curb inflation, which is one of their core tasks. The ECB’s task is to keep inflation […]
Finland’s economic forecasts for 2023
From slot games to sports and a lively music scene, the choice is endless. Everyone who calls Finland home knows that this is only possible thanks to the country’s traditionally stable economy. However, recent times have brought murky waters to Finland’s economic prospects – but what can be in store for the year 2023? The […]
Euro falls to new 20-year low after Russia shuts off gas supplies
BERLIN, Germany: After Russia cut off gas supplies running through its main pipeline to Europe this week, the euro fell to a new 20-year low below $0.99, sparking fears of a deepening energy crisis in the region. In recent months, the euro has become increasingly correlated with natural gas prices, falling when the price of […]
The 12-month Euribor had the largest monthly increase on record in August
Helsingin Sanomat on Tuesday highlighted that the rate has experienced a larger monthly change only twice in its history, falling 0.914 points in March 2008. The 0.146 point change seen yesterday was also quite unprecedented, as larger daily changes have occurred only six times since early 1999. The total mortgage interest rate is determined by […]
July inflation in the euro area at 8.9 percent on an annual basis
BRUSSELS, Belgium: The European Union’s statistics office, Eurostat, confirmed that inflation in the euro zone hit a new record high of 8.9 percent year-on-year in July, with core measures, excluding the most volatile components, also rising. Consumer prices in the 19 eurozone countries rose 0.1 percent month-on-month in July, the highest since the launch of […]
Interest rates raised to fight inflation, Danish banks are considering stopping interest rates on borrowers
According to Statistics Denmark, inflation in Denmark rose to 9.1 per cent in June from – up from 8.2 per cent in May 2022. For both Denmark and the EU, inflation is at the highest level since the EU began calculating its harmonized consumer index. in 1997. At the same time, Denmark is doing better […]
The EU removes the last obstacle to Croatia’s adoption of the euro currency
BRUSSELS, Belgium: The European Union (EU) has removed the last obstacles for Croatia to adopt the euro currency, the first expansion of the currency bloc in almost a decade. EU finance ministers approved three related laws enabling Croatia to become the 20th member of the eurozone on 1 January. Lithuania was the last country to […]
Business Round-Up: Inflation at its highest in decades
Inflation has reached its highest level since 1983. In May, prices were 7.4 per cent higher than they were at the same time last year, new figures from Denmark’s statistics. In particular, commodity prices have risen dramatically. Since last year, the price of raw materials in this category – which includes gas, electricity and food […]
Thursday’s newspapers: New Turkish demand, Åland festivals, in cash from us
Evening News writes that the President of Turkey Recep Tayyip Erdogan is "added to its long list a second requirement that Finland and Sweden must meet before Turkey can accept NATO membership;". Speaking at a joint press conference with his Venezuelan counterpart Nicolas Maduro Erdogan announced on Wednesday that Turkey will not be able to […]
Thursday’s newspapers: Review of the Arms Act, Marin attends Bilderberg, pressure on consumers
Tampereen Aamulehti writes that with the Russian occupation, more and more participants in voluntary defense training began to enter Finland. The courses organized by the National Defense Training Association (MPK) became so popular that the queues already exist. Minister of Defense Antti Kaikkonen (Cen) told the newspaper that the upcoming change in the law will […]
YLE: Finnish consumers faced a “double” rise in prices and interest rates
Growth was one percentage point higher than forecast by the European Central Bank (ECB) in March. In Finland, inflation accelerated more than the euro area average by one point from the previous month. Timo HirvonenHandelsbanken’s chief economist told YLE on Tuesday that the ECB has understandably had to repeatedly revise its consumer price forecast due […]
OP: Growth in the Finnish economy will slow significantly in 2023
The financial group forecasts that consumer prices will rise by 5.4 per cent in 2022 and 2.8 per cent in 2023. The war has so far had a much-anticipated effect on the Finnish economy: Finnish exports to Russia have fallen sharply and prices for some raw materials and capital goods have risen. Reijo HeiskanenOP Financial […]
The Bank of Finland calls for more measures to curb household indebtedness
“Households need to assess their debt service capacity to ensure that it can withstand rising interest rates, rising everyday costs and potential uncertainty in the labor market.” advised Marja NykänenDeputy Governor of the Bank of Finland. The European Central Bank is likely to raise its reference rate this autumn at the latest. However, market expectations […]
Talking to Russia is a waste of time Italy
The Prime Minister claims that it is probably pointless to try to negotiate with Putin to end the conflict in Ukraine Italian Prime Minister Mario Draghi has apparently almost given up on negotiating a solution to the Ukraine crisis, saying he suspects it is a “waste of time” to negotiate with Russian President Vladimir Putin […]
EU leaders decide to talk to Putin is a waste of time
Italian Prime Minister says it is likely pointless to try to negotiate with the Russian leader to end the conflict in Ukraine Italian Prime Minister Mario Draghi has apparently almost given up on negotiating a solution to the Ukraine crisis, saying he suspects it is a “waste of time” to negotiate with Russian President Vladimir […]
Rehn: Finland can bear the cost of sanctions because basic human values are under threat
“Russia is blatantly violating international agreements.” According to Rehn, the European Central Bank and the national monetary authorities, including the Bank of Finland, will implement without delay all sanctions imposed by the EU and national governments within its competence. Juha KilponenDirector of Monetary Policy and Research at the Bank of Finland, told me Helsingin Sanomat […]
HS: Mortgage rates are expected to rise significantly in the coming years
“The situation has been quite favorable in recent years from the perspective of mortgage borrowers. Euribor rates have been in the negative range, which has basically meant that the base rate has been zero in most loan agreements. Mortgage borrowers have practically only paid margins, “he explained to the newspaper. The interest rate on a […]
US dollar companies up on duvish comments from ECB officials
NEW YORK, FEBRUARY 8 (Xinhua) – The US dollar gained ground in late trading on Tuesday, thanks to pigeon comments from top officials from the European Central Bank (ECB). The dollar index, which measures the dollar against six major comparable competitors, rose 0.25 percent to 95.6400 during late trading. Any monetary policy adjustment will be […]
The good economic situation increased tax revenues in Finland in 2021
Markku HeikuraThe CEO of the Tax Administration said the increase was primarily due to the good economic situation and its positive impact on the income of both companies and individuals, as taxation as a whole did not increase from the previous year. “According to preliminary data, the economic situation in 2021 was very good despite […]
EU commissioner says high inflation will remain strong until second half of 2022
“It is clear that the factors leading to high inflation in the EU are weakening, fading, but probably not as soon as we expected, so probably in the second half of the year and not before, we have our forecast on 11 February, the Commission’s forecast,” Gentiloni said in an interview. and the Financial Affairs […]
Economists quickly come up with advice when European inflation reaches 5%
BRUSSELS, Belgium: In December, the inflation rate in the euro area reached a new record, raising further questions about the European Central Bank’s policy. Preliminary statistics from January 7 showed that inflation for December reached five percent, compared to the same month last year, the highest ever ever and follows November’s record high of 4.9 […]
The European Central Bank leaves interest rates unchanged at record lows
“The interest rate on the main refinancing operations and the interest rate on the marginal lending facility will remain unchanged at 0.00%, 0.25% and -0.50%,” the ECB said in a statement. The key ECB interest rates are expected to remain at or below current levels until bloc inflation reaches 2% over the forecast horizon. At […]
The Bank of Finland downgraded the economic outlook due to Covid
The Bank of Finland has revised its economic forecast for 2021-2024 and estimates that growth will slow in the coming years. According to the central bank, Finland’s gross domestic product will be 3.5 per cent this year, before falling to 2.6 per cent next year and 1.5 and 1.3 per cent over the next two […]
Statistics Finland: Inflation 2.5 per cent
The change in consumer prices from the previous year was 2.5 per cent in September, according to Statistics Finland’s latest calculations. It is 0.3 per cent higher than in August, when inflation was 2.2 per cent from the comparison period. Some of the reasons for the inflation spike include rising house repair and renovation costs […]
Nordea distributes the largest dividend in the history of the Finnish stock market
Nordea Bank has announced that it will pay the largest dividend to shareholders in the history of the Finnish stock market later this month. The amount, approximately EUR 2.9 billion, increased to an exceptional size due to the expiration of the dividend ban expired by the Financial Supervisory Authority at the end of September. The […]
Exchange rates for euros to other currencies
FRANKFURT, 29 September (Xinhua) – The European Central Bank’s foreign exchange reserves are the following on Wednesday: One more euro: 1,1654 US dollars Chinese yuan yuan 7.5347 Japanese yen 129.89 Danish kroner 7.4360 British Pound 0.86443 Swedish kronor 10.1830 Swiss franc 1.0829 Norwegian krone 10.1430 Russian ruble 84.6823 Turkish lira 10.3168 Australian Dollar 1.6112 Canadian […]
Exchange rates for euros to other currencies
FRANKFURT, AUGUST 30 (Xinhua) – The European Central Bank’s foreign exchange reserves are the following on Monday: One more euro: 1.1801 US dollars Chinese yuan yuan 7.6347 Japanese yen 129.66 Danish kroner 7.4361 British Pound 0.85748 Swedish kronor 10.1813 Swiss franc 1.0798 Norwegian krone 10.2395 Russian ruble 86.7119 Turkish lira 9.8909 Australian Dollar 1.6167 Canadian […]
The Bank of Finland’s economist warns of a decline in cost competitiveness
Finland may lose its competitive advantage compared to other neighboring regions after the coronavirus crisis, warns an article published by the Bank of Finland on Wednesday. According to an adviser to the Bank of Finland Lauri Kajanoja, the price of labor in Finland rose in 2019-2021 relative to the euro area average. If the price […]
Exchange rates for euros to other currencies
FRANKFURT, 27 May (Xinhua) – The following are reference rates for the euro to other currencies of the European Central Bank on Thursday: One more euro: US $ 1.2198 Chinese yuan yuan 7.7808 Japanese yen 133.42 Danish kroner 7.4363 British Pound 0.86068 Swedish krona 10.1298 Swiss franc 1.0967 Norwegian krone 10.1953 Russian ruble 89.5360 Turkish […]
ECB warns of zombie companies
The extremely low interest rates and corona subsidies aimed at companies mean that many thousands of companies in the EU are struggling, even though they are not really viable. The European Central Bank (ECB) is now warning of the risk of these so-called zombie companies. In addition to posing a risk of setbacks during the […]
Exchange rates for euros to other currencies
FRANKFURT, 22 February (Xinhua) – The following are reference rates for the euro to other currencies at the European Central Bank on Monday: One more euro: US Dollars 1.2133 Chinese yuan renminbi 7.8447 Japanese yen 128.00 Danish kroner 7.4365 British Pound 0.86530 Swedish krona 10.0315 Swiss franc 1.0888 Norwegian krone 10.3185 Russian ruble 90.9800 Turkish […]
Exchange rates for euros to other currencies
FRANKFURT, JANUARY 21 (Xinhua) – The following are the reference rates for the euro to other currencies at the European Central Bank on Thursday: One more euro: US $ 1.2158 Chinese yuan yuan 7.8552 Japanese yen 125.72 Danish krone 7.4395 British Pound 0.88625 Swedish krona 10.0825 Swiss franc 1.0773 Norwegian krone 10.2513 Russian ruble 89.6369 […]
Exchange rates for euros to other currencies
FRANKFURT, DECEMBER 21 (Xinhua) – The following are the euro’s exchange rates for other currencies at the European Central Bank on Monday: One more euro: US $ 1.2173 Japanese yen 126.04 Danish krone 7.4401 British Pound 0.91610 Swedish kronor 10.1313 Swiss franc 1.0810 Norwegian krone 10.6518 Russian ruble 91.7285 Turkish lira 9.3519 Australian Dollar 1.6200 […]
European Union – United States to the Federation
The package debate in Finland led to a curious war between the Committee on Constitutional Affairs and the Grand Committee on EU Affairs, in which the last word on EU decision-making remained unclear. No one denies that recovery and temporary indebtedness are necessary. However, many disagree with the measures taken. Participation in the stimulus package […]
The majority of the Finnish parliament supports the EU-wide coronary virus stimulus
Johannes Koskinen (SDP) recalled that economists widely agree that stimulus-based economic policy-making is currently needed not only across the 27 provinces but also around the world. “The sustainable economy agenda we are looking at today is just such an incentive. The opposition will certainly repeatedly draw attention to the fact that Finland is a net […]
A small opinion on the EU recovery plan in the debate in the Finnish Parliament
Most parliamentary groups have expressed their support for Finland’s participation in the EU’s Covid recovery plan. The Treasury minister Matti Vanhanen (Cen) said that the EU’s joint plan supports Finland’s and the EU’s recovery from the economic crisis caused by the coronavirus pandemic. SDP MP Johannes Koskinen highlighted the broad view of economists that Finland, […]
Exchange rates for euros to other currencies
FRANKFURT, 19 November (Xinhua) – The following are the reference rates for the euro to other currencies of the European Central Bank on Thursday: One more euro: US $ 1.1832 Chinese yuan yuan 7.7927 Japanese yen 123.08 Danish kroner 7.4498 British Pound 0.89378 Swedish kronor 10.2060 Swiss franc 1.0797 Norwegian krone 10.6900 Russian ruble 90.2638 […]
The economy is recovering despite the second wave of Covid-19
The forecast remains the same as in August. “After a very turbulent first half of the year, the most important news is probably that the overall picture of the economy has remained unchanged since the summer. Finland’s economic forecasts have remained unchanged, and overall we have made only small changes to our forecasts, “says Reijo […]
Exchange rates for euros to other currencies
FRANKFURT, OCTOBER 19 (Xinhua) – The European Central Bank’s reference rates for other currencies on Monday are as follows: One more euro: US $ 1.1785 Japanese yen 124.11 Danish kroner 7.4410 British Pound 0.90588 Swedish kronor 10.3578 Swiss franc 1.0724 Norwegian krone 10.9470 Russian ruble 91,4401 Turkish lira 9.3057 Australian dollar 1.6575 Canadian dollar 1.5523 […]
Exchange rates for euros to other currencies
FRANKFURT 14 September (Xinhua) – The following are the exchange rates for the European Central Bank’s exchange rates for the euro on Monday: One more euro: US $ 1.1876 Japanese yen 125.82 Danish kroner 7.4398 British Pound 0.92190 Swedish kronor 10.4178 Swiss franc 1.0768 Norwegian krone 10.6933 Russian ruble 89.5924 Turkish lira 8.8997 Australian Dollar […]
