Monetary policy in times of geopolitical tensions and technological disruption
Speech by Mr Olli Rehn, Governor of the Bank of Finland, at the CEPS Macro group webinar, Helsinki, 20 October 2026.
Source: BIS Central Bank Speeches
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DW NOTE
The ECB projects eurozone growth at 0.9% for 2026 while the Strait of Hormuz has been shut for eight months, global oil supply is down 6%, and WTI trades at $100. Either the projections predate the February blockade or European central bankers believe energy shortages don't affect growth. Neither possibility is reassuring.