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Home BUSINESSFinland responds to EC’s query on budget plan
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Fri, 28 Oct, 2016 12:01:38 AM
FTimes - STT Report, Oct 28
File Photo – Lehtikuva.
Finland has sent a reply to the European Commission’s request calling for further information on the country’s budgetary plan for the next year. 
 
The Commission is awaiting further information on, among other things, the impact of the competitiveness agreement on public finances.
 
Finance Minister Petteri Orpo said the envisaged structural reforms cost money, which hides in the short term their positive impact on public finances.
 
“The direct effect on the 2017 budget balance is negative,” Orpo said in a letter to the EU Commission.
 
At the same time, Orpo emphasised the advantages of the competitiveness agreement.
 
According to the letter, the agreement will reduce unit labour costs by four per cent and will create 40,000 jobs in the long term.
 
Orpo stressed Finland’s commitment to the EU Stability and Growth Pact. Finland has repeatedly escaped tighter financial control due to debt and deficit violations.
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