The increased integration of capital markets at both EU and EMU level should be primarily achieved by removing obstacles, not by creating new regulation.
The Finnish financial sector is strongly in support of Finland’s EMU membership, the single currency, and the Banking Union. They all help build a stable operating environment for Finnish business and also support economic growth and welfare. Finland must stay at the heart of the EMU. We are in favour of increasing the use of market discipline as a tool to steer the economic policies of EMU Member States as well as to underline the countries’ own responsibility for their finances.
Finance Finland does not support extensive and repeated use of joint EU debt with joint liability. Fixed-term and clearly defined EU-level financing solutions may be used where they meet strictly predefined criteria and do not undermine market discipline or increase moral hazard.
The Finnish financial sector supports the increased integration of capital markets at both EU and EMU level. The integration should be primarily achieved by removing obstacles, not by creating new regulation. A market-based approach is also advisable ‒ public authorities should not decide how or where capital is allocated.
Contact our experts
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Mari Pekonen-Ranta
Director, EU Affairs
Director of the EU Affairs team, Member of the Management Team, Secretary of the Board, coordination of EU lobbying, Brussels office
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Veli-Matti Mattila
Director, Chief Economist
Director of the Financial and Prudential Regulation Team, Member of the Management Team. Banks, macroprudential policy, corporate finance, national economy
