Marja Nykänen, Deputy Chairman of the Board of the Bank of Finland, delivered an opening speech at the annual economic policy seminar held in conjunction with the Mikkelin Music Festival. The seminar focused on Finland’s resilience in the world of power politics, considering the ever-changing global economic and political landscape.
In her address, Nykänen emphasized the significant changes that have shaped the world since the inaugural seminar in 2017. She highlighted the impact of Russia’s aggressive actions in Ukraine, trade disputes, and the continued effects of climate change. Nykänen stressed the importance of understanding the concept of power politics, which encompasses issues such as trade wars and economic coercion.
Discussing energy markets, Nykänen pointed out how Russia’s attempt to exert pressure on European Union countries by limiting energy exports backfired, leading to a faster transition to renewable energy sources in Northern Europe. She credited Finland’s long-term commitment to renewable energy and its participation in the European and Nordic energy markets for mitigating the impact of the energy crisis.
Furthermore, Nykänen acknowledged Finland’s recent decision to join NATO as the 32nd member, highlighting the importance of a credible national defense that aligns with NATO’s principles. She stressed that Finland’s preparedness for potential risks in the world of power politics was essential for ensuring its security and global standing.
Regarding Finland’s economic relations, Nykänen emphasized the need to assess and reduce economic dependencies, particularly in relation to China. While acknowledging the challenges of diversification, she emphasized that reducing dependencies could open up new opportunities for Finnish businesses.
Nykänen concluded her speech by underlining Finland’s overall resilience amidst recent global upheavals, though she also emphasized the importance of addressing regional disparities that have arisen as a consequence. She highlighted the significance of trust and dialogue among nations to navigate the complexities of the power politics world.
The seminar provided participants with valuable insights into the implications of power politics and the importance of national and international cooperation. As Finland continues to adapt to a rapidly changing global landscape, the discussions at the seminar aimed to shed light on potential strategies for Finland’s sustained success.
The Bank of Finland’s annual economic policy seminar served as a platform for experts and policymakers to exchange ideas and develop a shared understanding of the challenges and opportunities presented by the world of power politics.