Bank of Finland - Annual Report 2005

According to the Bank of Finland's Annual Report 2005, monetary policy for the euro area in 2005 was conducted in conditions of slower economic growth and higher inflation than expected.

'Consumption and investment, which are especially important for employment, were subdued despite the historically low level of interest rates and robust credit and monetary growth. An accommodating stance of monetary policy prevailed throughout the year, even when taking the December increase in the policy rate

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