Ladies and gentlemen, let me know draw main conclusions: •  The US economy is growing and today we will hear from the Fed OMC-meeting how strong the growth is, and also we will hear whether monetary policy stance needs to be changed. •  Emerging market economies have had difficult times; e.g.
Brazil and Russia have faced strong headwinds and China’s growth is levelling off. •  Growth outlook for Europe has improved, unfortunately Finnish economy has not recovered accordingly and our economy requires tough medicine to cure its worsened and dire competitive position. BIS central bankers’ speeches  3