Finland’s membership in the banking union has proved wise

In its recent general meeting, Nordea decided to move its headquarters to Helsinki. This proves that Finland’s membership in the euro area and banking union is a wise choice, points out Finance Finland’s Managing Director Piia-Noora Kauppi.

​“As a member of the banking union, Finland is committed to a single rulebook, central supervision and high-quality investor protection. The banking union brings stability to the euro area’s overall financial system”, explains Kauppi.

Kauppi emphasises that it is crucial for Finland to offer the financial sector – small, medium and large players alike – a predictable and competitive operating environment.

“Finland will continue to be an attractive option as long as we do not employ national regulation that exceeds the EU level or levy additional taxes or fees.”

According to Kauppi, Finland must also increase its attractiveness as an investment target.

“Domestic regulation must take into account foreign investors as well. For example, a recent proposal to raise dividend taxes for foreign investors would weaken Finland’s pull as an investment market. The government should therefore reject such plans”, says Kauppi.

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Financial and Prudential Regulation

Veli-Matti Mattila

Director, Chief Economist