{
  "title": "Finland: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Finland",
  "publication": "IMF Staff Country Reports, February 4, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667",
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  "summary": "Finland’s 2008 Article IV Consultation shows that spillovers from the global turmoil are adversely affecting activity and may weaken the financial system. From a cyclical perspective, a fiscal structural loosening is warranted.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- Spillovers from the global turmoil are adversely affecting activity and may weaken the financial system.\n- From a cyclical perspective, a fiscal structural loosening is warranted.\n- Fiscal loosening in Finland’s small, open economy would be limited in effectiveness in the absence of an EU-wide fiscal package.\n- The authorities have been confident that an EU-coordinated budget expansion is in the works.\n- There has been agreement that loosening should be designed to minimize damage to long-term fiscal sustainability."
    },
    {
      "heading": "Analysis of cyclical policy",
      "content": "- Recommendation: pursue fiscal structural loosening to address cyclical weakness.\n- Constraint: effectiveness of national fiscal expansion is limited without coordination at the EU level.\n- Design principle: any loosening should minimize damage to long-term fiscal sustainability."
    },
    {
      "heading": "Financial sector risks",
      "content": "- Assessment: adverse spillovers from global turmoil pose risks to activity and may weaken the financial system.\n- Implication: monitoring and policy measures should account for potential financial-system weakening."
    },
    {
      "heading": "Policy coordination and EU role",
      "content": "- Finding: a coordinated EU-wide fiscal package would enhance the effectiveness of Finland’s fiscal loosening.\n- Authorities’ stance: confidence that an EU-coordinated budget expansion is forthcoming.\n- Recommendation: align national loosening measures with EU coordination to maximize impact and protect fiscal sustainability."
    },
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      "content": "- Publication date: February 4, 2009\n- Series: IMF Staff Country Reports\n\nInternational Monetary Fund. \"Finland: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Finland.\"\n\n---\n\n Content in this bundle\n\n- cr0939\n  - cr0939 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0939 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 4, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451813302.002",
    "Spillovers from the global turmoil are adversely affecting activity and may weaken the financial system.",
    "From a cyclical perspective, a fiscal structural loosening is warranted.",
    "Fiscal loosening in Finland’s small, open economy would be limited in effectiveness in the absence of an EU-wide fiscal package.",
    "The authorities have been confident that an EU-coordinated budget expansion is in the works.",
    "There has been agreement that loosening should be designed to minimize damage to long-term fiscal sustainability.",
    "Recommendation: pursue fiscal structural loosening to address cyclical weakness.",
    "Constraint: effectiveness of national fiscal expansion is limited without coordination at the EU level.",
    "Design principle: any loosening should minimize damage to long-term fiscal sustainability.",
    "Assessment: adverse spillovers from global turmoil pose risks to activity and may weaken the financial system.",
    "Implication: monitoring and policy measures should account for potential financial-system weakening.",
    "Finding: a coordinated EU-wide fiscal package would enhance the effectiveness of Finland’s fiscal loosening.",
    "Authorities’ stance: confidence that an EU-coordinated budget expansion is forthcoming.",
    "Recommendation: align national loosening measures with EU coordination to maximize impact and protect fiscal sustainability.",
    "Publication date: February 4, 2009",
    "Series: IMF Staff Country Reports",
    "**_cr0939**"
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