## 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

_IMF Staff Country Reports, February 4, 2009_

## Source details

**Canonical URL:** [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](https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667/bundle-manifest.json)

## Bibliographic details
- Published: February 4, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451813302.002

---

### Executive summary and key findings
- 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.

### Analysis of cyclical policy
- 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.

### Financial sector risks
- 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.

### Policy coordination and EU role
- 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 metadata and availability
- Publication date: February 4, 2009
- Series: IMF Staff Country Reports

*International 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."*

---

## Content in this bundle

- **_cr0939**
  - [_cr0939 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2009/_cr0939.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr0939 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2009/_cr0939.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2008-article-iv-consultation-staff-report-staff-statement-public-information-notice-22667_