1. Bank of Finland
Eternal Challenges in Monetary Policy
Panel at the BOJ-IMES Conference
Old and New Challenges for Monetary Policy
Tokyo, 31 May – 1 June 2023
Governor Olli Rehn

2. | Public | BOF/FIN-FSA-UNRESTRICTED
Headline inflation has declined,
but underlying price pressures remain strong
1.6.2023 2
-2
0
2
4
6
8
10
12
2010 2012 2014 2016 2018 2020 2022
Inflation (HICP)
Inflation (HICP) excl. food, alcohol and tobacco
One measure of market-based inflation expectations (5y5y)
%
Source: Source: Eurostat, Bloomberg and Macrobond.
39869@inf_and_exp_en

3. | Public | BOF/FIN-FSA-UNRESTRICTED
Euro area banks have on average doubled their
Tier 1 capital ratios since the global financial crisis
1.6.2023 3

4. suomenpankki.fi
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