Olli Rehn on demographics, geopolitics and ECB policy
The Bank of Finland governor speaks about immigration and productivity, private credit and stablecoin risks, the mood on the governing council and the impact of conflict in the Middle East
You often say that central banks need to pay more attention to demographics. What do you mean by that?
Demographics matter to central banks for two reasons. First, population aging strains fiscal policy: Finland, for example, has felt this since about 2010 as the 1945–55 postwar baby boomer generation has largely retired, while birth rates have stayed low more recently.
Second, demographics affects the natural rate of interest, and subsequently the neutral rate of interest, which is important for
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