A delivery stop could substantially dampen the output of energy-intensive industries. Furthermore, Germany and the euro area are net energy importers. Therefore, the sharp rise in energy prices is causing us to lose purchasing power relative to the rest of the world. This is costing us growth. One key factor for a sustained economic recovery will be the behaviour of private consumption.
When it comes to implementing the strategy, we thrive to be a key player within our national financial education network. The network includes relevant ministries, banking, consumer and financial sector associations and NGOs. Co-operation between different stakeholders is crucial, because in Finland many important policy areas such as consumer protection or citizens' advice do not fall under the functions of the central bank.