Markku Lehmus
@markkulehmus.bsky.social
Economics&Rest. Head of Division of the Monetary Policy and Euro Area Economy at the Bank of Finland.
Euroalueen BKT:n kasvu viime vuoden lopulla hieman odotuksia parempi, kasvua 0,3% edellisestä neljänneksestä. Myös Suomi pääsemässä kasvuun kiinni🤞
ec.europa.eu/eurostat/en/...
ec.europa.eu/eurostat/en/...
GDP up by 0.3% in both the euro area and the EU
Overview In the fourth quarter of 2025, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU, compared with the previous quarter, according to a preliminary flash estimate publis...
ec.europa.eu
January 30, 2026 at 2:35 PM
Euroalueen BKT:n kasvu viime vuoden lopulla hieman odotuksia parempi, kasvua 0,3% edellisestä neljänneksestä. Myös Suomi pääsemässä kasvuun kiinni🤞
ec.europa.eu/eurostat/en/...
ec.europa.eu/eurostat/en/...
Reposted by Markku Lehmus
Japan's bond market looking a tiny bit more like everyone else's, which might create problems for everyone else, as well as for the government...
By @urbandirt.bsky.social @davidkeo.bsky.social + me
www.ft.com/content/e2ae...
By @urbandirt.bsky.social @davidkeo.bsky.social + me
www.ft.com/content/e2ae...
January 21, 2026 at 11:16 AM
Japan's bond market looking a tiny bit more like everyone else's, which might create problems for everyone else, as well as for the government...
By @urbandirt.bsky.social @davidkeo.bsky.social + me
www.ft.com/content/e2ae...
By @urbandirt.bsky.social @davidkeo.bsky.social + me
www.ft.com/content/e2ae...
Reposted by Markku Lehmus
Luontokato yhdessä ilmastonmuutoksen ja äärisääilmiöiden kanssa vaikuttaa inflaatioon ja rahapolitiikan välittymiseen, ja on siksi keskuspankeille tärkeä aihe.
Lue Seija Parviaisen analyysi:https://www.eurojatalous.fi/fi/2026/artikkelit/luontokato-tuli-keskuspankkeihin-ja-rahapolitiikan-analyysiin/
Lue Seija Parviaisen analyysi:https://www.eurojatalous.fi/fi/2026/artikkelit/luontokato-tuli-keskuspankkeihin-ja-rahapolitiikan-analyysiin/
Luontokato tuli keskuspankkeihin ja rahapolitiikan analyysiin – Euro ja talous
Ymmärrys luonnon merkityksestä talouden perustana on viime vuosina syventynyt. Luontokato, ilmastonmuutos ja äärisääilmiöt muodostavat toisiinsa kietoutuvan kokonaisuuden, joka lisää tarjontapuolen hä...
www.eurojatalous.fi
January 21, 2026 at 1:46 PM
Luontokato yhdessä ilmastonmuutoksen ja äärisääilmiöiden kanssa vaikuttaa inflaatioon ja rahapolitiikan välittymiseen, ja on siksi keskuspankeille tärkeä aihe.
Lue Seija Parviaisen analyysi:https://www.eurojatalous.fi/fi/2026/artikkelit/luontokato-tuli-keskuspankkeihin-ja-rahapolitiikan-analyysiin/
Lue Seija Parviaisen analyysi:https://www.eurojatalous.fi/fi/2026/artikkelit/luontokato-tuli-keskuspankkeihin-ja-rahapolitiikan-analyysiin/
”If the court sided with the administration’s view that the president could determine cause alone without judicial oversight, any president would be able to make up any cause to get rid of governors, removing the effective Fed independence that Congress had wanted when it wrote the Fed Reserve Act.”
Home - Financial Times
News, analysis and opinion from the Financial Times on the latest in markets, economics and politics
FT.com
January 22, 2026 at 6:52 AM
”If the court sided with the administration’s view that the president could determine cause alone without judicial oversight, any president would be able to make up any cause to get rid of governors, removing the effective Fed independence that Congress had wanted when it wrote the Fed Reserve Act.”
Seija Parviainen selittää huolellisesti artikkelissaan, kuinka luontokato on tullun mukaan rahapolitiikan analyysiin: www.eurojatalous.fi/fi/2026/arti...
Luontokato tuli keskuspankkeihin ja rahapolitiikan analyysiin – Euro ja talous
Ymmärrys luonnon merkityksestä talouden perustana on viime vuosina syventynyt. Luontokato, ilmastonmuutos ja äärisääilmiöt muodostavat toisiinsa kietoutuvan kokonaisuuden, joka lisää tarjontapuolen hä...
www.eurojatalous.fi
January 21, 2026 at 12:25 PM
Seija Parviainen selittää huolellisesti artikkelissaan, kuinka luontokato on tullun mukaan rahapolitiikan analyysiin: www.eurojatalous.fi/fi/2026/arti...
”..Every boring, senseless rule was written in blood once. The same is true for the institutions of America’s money. They were all designed, one after the other, after something exciting happened. There is so much more than just inflation to worry about.”
www.ft.com/content/ace5...
www.ft.com/content/ace5...
America is courting the old crises
Monetary policy is not meant to get as exciting as it has with the Trump administration’s attacks on the Fed
www.ft.com
January 17, 2026 at 9:21 AM
”..Every boring, senseless rule was written in blood once. The same is true for the institutions of America’s money. They were all designed, one after the other, after something exciting happened. There is so much more than just inflation to worry about.”
www.ft.com/content/ace5...
www.ft.com/content/ace5...
”Everyone thinks we’re in crazyville and no one thinks there’s anything to the charges.”
www.ft.com/content/9b2f...
www.ft.com/content/9b2f...
Donald Trump’s ‘unpredictable’ policies to fuel multiyear shift from US, Pimco says
Cautious stance comes amid Wall St concerns over president’s attack on the Federal Reserve
www.ft.com
January 15, 2026 at 6:58 AM
”Everyone thinks we’re in crazyville and no one thinks there’s anything to the charges.”
www.ft.com/content/9b2f...
www.ft.com/content/9b2f...
Reposted by Markku Lehmus
”We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.”
”Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
🇪🇺🇬🇧🇸🇪🇩🇰🇨🇭🇦🇺🇨🇦🇰🇷🇧🇷
www.ecb.europa.eu/press/pr/dat...
”Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
🇪🇺🇬🇧🇸🇪🇩🇰🇨🇭🇦🇺🇨🇦🇰🇷🇧🇷
www.ecb.europa.eu/press/pr/dat...
International central bankers on the statement by Federal Reserve Chair Powell on 11 January 2026
The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purch...
www.ecb.europa.eu
January 13, 2026 at 10:30 AM
”We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.”
”Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
🇪🇺🇬🇧🇸🇪🇩🇰🇨🇭🇦🇺🇨🇦🇰🇷🇧🇷
www.ecb.europa.eu/press/pr/dat...
”Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest.”
🇪🇺🇬🇧🇸🇪🇩🇰🇨🇭🇦🇺🇨🇦🇰🇷🇧🇷
www.ecb.europa.eu/press/pr/dat...
Reposted by Markku Lehmus
The ECB and other European and international central banks stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.
The independence of central banks is in the interest of the people we serve.
The independence of central banks is in the interest of the people we serve.
January 13, 2026 at 10:21 AM
The ECB and other European and international central banks stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell.
The independence of central banks is in the interest of the people we serve.
The independence of central banks is in the interest of the people we serve.
””Fragmented” national legal rules “continue to make it complex and costly to establish and operate companies across the EU, with no progress to date”
www.ft.com/content/fbc7...
www.ft.com/content/fbc7...
Trade between EU member states is slowing, data shows
Findings reinforce warnings from policymakers such as Christine Lagarde that internal market has ‘stood still’
www.ft.com
January 13, 2026 at 5:45 AM
””Fragmented” national legal rules “continue to make it complex and costly to establish and operate companies across the EU, with no progress to date”
www.ft.com/content/fbc7...
www.ft.com/content/fbc7...
Reposted by Markku Lehmus
Extraordinary statement from Fed Chair Jerome Powell. Explicitly calling out intimidation from the Trump administration, and in the process setting the bar for independence for his successor.
www.federalreserve.gov/newsevents/s...
www.federalreserve.gov/newsevents/s...
January 12, 2026 at 6:58 AM
Extraordinary statement from Fed Chair Jerome Powell. Explicitly calling out intimidation from the Trump administration, and in the process setting the bar for independence for his successor.
www.federalreserve.gov/newsevents/s...
www.federalreserve.gov/newsevents/s...
Reposted by Markku Lehmus
"Tutkimus osoittaa, että säteily on vaikuttanut selvästi ylioppilaskirjoitusten tuloksiin henkilöillä, jotka saivat Suomen mittakaavassa runsaan säteilyaltistuksen sikiöaikana."
yle.fi/a/74-20199158
#Tšernobyl #vaikutusarvio #kausaalipäättely
yle.fi/a/74-20199158
#Tšernobyl #vaikutusarvio #kausaalipäättely
Suomessa luultiin vuosikymmeniä, ettei Tšernobylin ydinonnettomuus tuonut mitään haittoja – nyt tutkimus osoittaa toisin
Tutkimus paljastaa, että osalla säteily on vaikuttanut ylioppilaskokeisiin ja korkeakouluun pääsemiseen.
yle.fi
January 6, 2026 at 12:45 PM
"Tutkimus osoittaa, että säteily on vaikuttanut selvästi ylioppilaskirjoitusten tuloksiin henkilöillä, jotka saivat Suomen mittakaavassa runsaan säteilyaltistuksen sikiöaikana."
yle.fi/a/74-20199158
#Tšernobyl #vaikutusarvio #kausaalipäättely
yle.fi/a/74-20199158
#Tšernobyl #vaikutusarvio #kausaalipäättely
Reposted by Markku Lehmus
"Swapping American dominance of the western hemisphere for Chinese dominance of east Asia would be the deal of the century. For China."
@gideonrachman.bsky.social on the wild scenes of the Donroe Doctrine: as.ft.com/r/3d92b5c5-3...
@gideonrachman.bsky.social on the wild scenes of the Donroe Doctrine: as.ft.com/r/3d92b5c5-3...
Venezuela and the trouble with the Donroe doctrine
[FREE TO READ] A world order built around great power spheres of influence is a recipe for instability and conflict
as.ft.com
January 5, 2026 at 2:15 PM
"Swapping American dominance of the western hemisphere for Chinese dominance of east Asia would be the deal of the century. For China."
@gideonrachman.bsky.social on the wild scenes of the Donroe Doctrine: as.ft.com/r/3d92b5c5-3...
@gideonrachman.bsky.social on the wild scenes of the Donroe Doctrine: as.ft.com/r/3d92b5c5-3...
Painavaa pohdintaa raha- ja poliittisen liiton toiminnasta ja tulevaisuudesta: publications.bof.fi/handle/10024...
Suomen Pankki: Elämää rahaliitossa : Yhteisestä rahasta kohti valtioiden liittoa?
publications.bof.fi
January 2, 2026 at 6:36 PM
Painavaa pohdintaa raha- ja poliittisen liiton toiminnasta ja tulevaisuudesta: publications.bof.fi/handle/10024...
US AI investment boom shows no signs of slowing.
US investment in computers continues to skyrocket to record highs amidst the AI boom—imports of computers also rose to new record highs as they remain almost entirely exempt from tariffs
Real fixed investment in computers now is nearly $270B annualized
Real fixed investment in computers now is nearly $270B annualized
December 23, 2025 at 1:57 PM
US AI investment boom shows no signs of slowing.
”The integration of national markets remains elusive in services, is incomplete in goods, and is in many ways going backwards rather than progressing.”
www.ft.com/content/0ee6...
www.ft.com/content/0ee6...
How the EU can make the single market work better
Brussels has more power to apply and enforce the rules than it is currently using
www.ft.com
December 18, 2025 at 8:17 PM
”The integration of national markets remains elusive in services, is incomplete in goods, and is in many ways going backwards rather than progressing.”
www.ft.com/content/0ee6...
www.ft.com/content/0ee6...
Reposted by Markku Lehmus
FT taustoittaa (tai mielipiteistää) viime viikolla julkistetun SIU-paketin [aka / ex CMU] tavoitteita ja kipukohtia.
How Luxembourg tamed the ‘monster’ of a unified EU market
Backed by other small states, the duchy has thwarted the push for centralised supervision
www.ft.com
December 10, 2025 at 6:00 AM
FT taustoittaa (tai mielipiteistää) viime viikolla julkistetun SIU-paketin [aka / ex CMU] tavoitteita ja kipukohtia.
Reposted by Markku Lehmus
Our new @piie.com Working Paper on Russia’s war-induced regional convergence with @eribakova.bsky.social & @ygorodnichenko.bsky.social now out! @bofit.suomenpankki.fi @suomenpankki.fi
Many poorer regions saw their incomes rise faster 2022-24 as public spending rose🇷🇺
www.piie.com/publications...
Many poorer regions saw their incomes rise faster 2022-24 as public spending rose🇷🇺
www.piie.com/publications...
War-induced economic convergence in Russian regions
This paper examines the impact of Russia's 2022 full-scale invasion of Ukraine on Russia’s economy at a subnational, or “regional,” level. The analysis focuses on the regional disparities and converge...
www.piie.com
December 9, 2025 at 6:12 PM
Our new @piie.com Working Paper on Russia’s war-induced regional convergence with @eribakova.bsky.social & @ygorodnichenko.bsky.social now out! @bofit.suomenpankki.fi @suomenpankki.fi
Many poorer regions saw their incomes rise faster 2022-24 as public spending rose🇷🇺
www.piie.com/publications...
Many poorer regions saw their incomes rise faster 2022-24 as public spending rose🇷🇺
www.piie.com/publications...
Reposted by Markku Lehmus
Three-year temperature average set to exceed 1.5C for first time on.ft.com/3MnJ8nQ
Three-year temperature average set to exceed 1.5C for first time
Data shows 2025 is on track to be the third-warmest on record after November temperature rise of 1.54C
on.ft.com
December 9, 2025 at 3:01 AM
Three-year temperature average set to exceed 1.5C for first time on.ft.com/3MnJ8nQ
”Suggesting that most Europeans want peace even if it means surrendering to Vladimir Putin, and asserting that their governments are standing in the way, the strategy calls for a rapid end to the war in order to prevent escalation.”
www.economist.com/united-state...
www.economist.com/united-state...
Donald Trump’s bleak, incoherent foreign-policy strategy
Allies may panic; despots will cheer
www.economist.com
December 7, 2025 at 11:09 AM
”Suggesting that most Europeans want peace even if it means surrendering to Vladimir Putin, and asserting that their governments are standing in the way, the strategy calls for a rapid end to the war in order to prevent escalation.”
www.economist.com/united-state...
www.economist.com/united-state...
Reposted by Markku Lehmus
This nice piece on our new
@bofit.suomenpankki.fi
DP also has some addional examples of goods whose prices have risen A LOT for Russian customers because of sanctions.
@chriscook.news
🇷🇺🇨🇳
on.ft.com/4p1N63Y Chinese exporters charge Russia more for war supplies as sanctions bite
@bofit.suomenpankki.fi
DP also has some addional examples of goods whose prices have risen A LOT for Russian customers because of sanctions.
@chriscook.news
🇷🇺🇨🇳
on.ft.com/4p1N63Y Chinese exporters charge Russia more for war supplies as sanctions bite
Chinese exporters charge Russia more for war supplies as sanctions bite
Price increases show that western restrictions are limiting Moscow’s capabilities, Bank of Finland research finds
on.ft.com
November 24, 2025 at 1:17 PM
This nice piece on our new
@bofit.suomenpankki.fi
DP also has some addional examples of goods whose prices have risen A LOT for Russian customers because of sanctions.
@chriscook.news
🇷🇺🇨🇳
on.ft.com/4p1N63Y Chinese exporters charge Russia more for war supplies as sanctions bite
@bofit.suomenpankki.fi
DP also has some addional examples of goods whose prices have risen A LOT for Russian customers because of sanctions.
@chriscook.news
🇷🇺🇨🇳
on.ft.com/4p1N63Y Chinese exporters charge Russia more for war supplies as sanctions bite
”Europe, by contrast, has not built a new greenfield smelter since the 1990s, and nearly a third of its base metal smelters have been closed or curtailed in the last decade.”
www.ft.com/content/98d0...
www.ft.com/content/98d0...
Europe needs to act now on its metals vulnerability
Economic sovereignty and security depend on access to minerals and the ability to smelt and refine them
www.ft.com
November 19, 2025 at 9:53 AM
”Europe, by contrast, has not built a new greenfield smelter since the 1990s, and nearly a third of its base metal smelters have been closed or curtailed in the last decade.”
www.ft.com/content/98d0...
www.ft.com/content/98d0...
Reposted by Markku Lehmus
Julkisen talouden kääntymistä alijäämäiseksi voi selittää täysin sillä, että vanhenevaan väestöön liittyvät sote-menot ovat kasvaneet reippaasti.
Mm muut sosiaaliturvamenot, korot ja julkisen sektorin palkkakulut ovat nousseet talouden tahdissa.
Analysoin @mustread.bsky.social €
Mm muut sosiaaliturvamenot, korot ja julkisen sektorin palkkakulut ovat nousseet talouden tahdissa.
Analysoin @mustread.bsky.social €
Kahdessa vuosikymmenessä alijäämäiseksi – mistä julkisen talouden rapautuminen johtuu? | MustRead
Suomen julkisen talouden kääntymisen selvästi alijäämäiseksi voi selittää täysin sillä, että vanhenevaan väestöön liittyvät sosiaali- ja terveysmenot ovat kasvaneet reippaasti bruttokansantuotetta…
www.mustread.fi
November 10, 2025 at 5:31 AM
Julkisen talouden kääntymistä alijäämäiseksi voi selittää täysin sillä, että vanhenevaan väestöön liittyvät sote-menot ovat kasvaneet reippaasti.
Mm muut sosiaaliturvamenot, korot ja julkisen sektorin palkkakulut ovat nousseet talouden tahdissa.
Analysoin @mustread.bsky.social €
Mm muut sosiaaliturvamenot, korot ja julkisen sektorin palkkakulut ovat nousseet talouden tahdissa.
Analysoin @mustread.bsky.social €
Reposted by Markku Lehmus
Deforestation in the Brazilian Amazon is not only an environmental disaster it is an economic one too.
If you were looking for one of the lowest cost ways of preventing climate change, you might head for the “deforestation frontier” in the Amazon rainforest.
economist.com/the-americas...
economist.com/the-americas...
October 29, 2025 at 9:12 AM
Deforestation in the Brazilian Amazon is not only an environmental disaster it is an economic one too.