Membership in the European Union is a key element of Finland’s political and economic identity. The Finnish financial sector has given strong support to Finland’s EU and EMU membership, and considers it important for Finland to keep an active role in developing and strengthening the EU.
Recent years’ developments in the EU have demonstrated that continuing on the current path may lead to a dead end. Fewer EU citizens than before feel satisfied with the present state of the EU. Then again, developing the Union in a more tightly-knit, federal direction is not a realistic option either. Focusing solely on the single market could be one workable option for EU Member States that are not in the Economic and Monetary Union. For the Eurozone, however, it has risks because the single currency requires extensive coordination of economic policies.
The EU should target fewer policy areas, but with more depth. This would make its operations more focused and give room for reducing regulation in areas that are considered less important. The essential goal is to ensure a level playing field in all EU sectors, the financial market included, while also taking care of the Union’s competitiveness against other economic areas.
In some issues, moving forward as one EU-wide block might not be realistic. That is why the Member States willing and able should have the possibility to do more in-depth cooperation. In this case, too, it is essential to secure fair competition and the functioning of the Single Market. No artificial borders must be created within the EU, as they can make markets more fragmented and thus less efficient.