the other euro area countries. economic growth in finland has been slow for a prolonged period, both historically and by international comparison. finnish exports have suffered a considerable loss of market share since 2009, the most severe year of the recession. growth has been depressed by sectoral and structural problems. the forest industries and electrical engineering and electronics, in particular, have experienced serious difficulties. also an ageing population and lackluster productivity development have weakened the growth potential. in addition, finnish export growth remains subdued partially because of the weak performance of the russian economy. during the first half of the year the growth rate of the finnish economy has been pulled to mildly positive territory mainly due to global economic developments. these include oil price developments and low interest rates and the euro area recovery. however, there are headwinds to a more robust recovery. in addition to the structural factors mentioned above, factors such as weak competitiveness, labour market matching problems, and lacking implementation of planned structural reforms hamper growth in finland. the labour market situation has deteriorated rapidly during the past year. unemployment is now higher than in the recession year 2009, the unemployment rate standing at 9. 6 % in july. the employment rate is falling. the rise in unemployment has been widespread, affecting all age groups, although especially the rise in youth unemployment has accelerated during the first half of the year. over the past 5 years there has been a soft, if lengthy landing in the finnish housing market, reflecting the protracted economic downturn. the housing loan cycle in finland is now passing its second trough after the burst of the global financial crisis. there can be a strong regional divergence in house prices and household indebtedness within countries, too. these regional differences are driven by both demand and supply - side bis central bankers ’ speeches factors. growth areas are typically characterised by increasing population, younger residents, a better employment situation and higher household income than the national average. this is also reflected in brisker housing markets and higher house prices in these areas. for example, in finland the market conditions in the metropolitan areas are diverging from the conditions prevailing in areas where the population is diminishing. the largest housing loans are concentrated in the biggest cities and growth centres. in these centres, house prices are also highest. ladies and gentlemen, let me know draw main conclusions : • the us economy is growing and today we will hear from the fed omc - meeting how strong the growth is, and also we will hear whether monetary policy stance

' s interests. it is a question of putting a danish fingerprint on the key discussions and decisions that are shaping and developing the monetary - policy framework for the euro area and this area's influence on global economic policy in a broader sense. the governing council of the ecb has decided that when the number of euro area member states reaches 19, i. e. three more than at present, it will introduce a rotation system in relation to voting in the governing council, as is already the case in the federal reserve. when this system is introduced, the central - bank governors of all euro area member states will, for short periods, be unable to vote in the governing council, but they will all participate fully in the meetings and be entitled to speak. in my assessment, this system will not significantly reduce the influence of the individual central - bank governors in the governing council.