Finland: 2010 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Finland
Volume/Issue:
Volume 2010
Issue 273
Publication date: September 2010
ISBN: 9781455207725
$20.00
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Topics covered in this book
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Business and Economics , Banks and Banking , Finance , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , deficit , headline deficit , projection , staff appraisal , threshold of the SGP , IMF staff estimate , liability positions vis-à-vis nonresident , Fiscal stance , Fiscal sustainability , Output gap , Global , Europe
Summary
Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks. Directors welcomed the establishment of the Nordic-Baltic Stability Group, and stressed the need to strengthen the effectiveness of cross-border supervision and crisis management arrangements. Directors welcomed structural reforms and also emphasized the need of a strong fiscal consolidation to secure fiscal sustainability.
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