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Sun, 16 Feb, 2014 03:34:53 AM FTimes-STT Report, February 16  Former Prime Minister Matti Vanhanen. Photo Lehtikuva. Former prime minister Matti Vanhanen on Saturday urged the government to speed up the process of making a decision on spending cuts and saving money.
Vanhanen, presently the executive director of Finnish Firms Family Association, in an interview with Yle Television said the greater proportion of the planned savings should be done during the tenure of the present government.
“Yes, we have to make the savings here and now, I mean the 3 billion [euros] during this government’s term,” said Vanhanen.
The former premier, however, believes that not the entire of the savings plan can be accomplished during this term.
He pointed out that the next government would be left with a balance deficit of €7bn-€8bn if economic growth is reinstated.
Vanhanen added that the current government could not impose savings decision on the next government but reminded that future budget adjustments would depend on the rate of economic growth achieved.
Angel Gurria, secretary general of the Organisation for Economic Cooperation (OECD), in a presentation on the latest Economic Survey of Finland on February 12 in Helsinki, said Finland still had time to tackle the budget deficit and address the economic woes.
This was followed by an assessment by the fiscal policy expert group on Thursday which observed that adjustment measures can be phased over three years.
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