Matti Vanhala: Challenges for Finnish economic policy in an unstable international environment Abstract of a speech by Mr Matti Vanhala, Governor of the Bank of Finland, at the conference “Monetary policy in 2004”, Helsinki, 9 October 2003. *  *  *  Global economy It would appear that global economic recovery is under way at last.
This stands in contrast to the typical textbook model that focuses on household imbalances as the driver of external imbalances. This pattern suggests that greater attention should be paid to the net financial positions of non-financial corporates and governments in terms of the analytics of the net external position.