{
  "title": "Finland: 2010 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, September 2, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2010-article-iv-consultation-staff-report-staff-statement-public-information-notice-24180",
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  "summary": "Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks.",
  "sections": [
    {
      "heading": "Macroeconomic impact and recession",
      "content": "- Finland experienced the worst recession in the euro area owing to the high dependence of its exports on countries and commodities.\n- Output and production were significantly affected (see subjects: Output gap, Production)."
    },
    {
      "heading": "Financial sector vulnerabilities and supervisory response",
      "content": "- Executive Directors encouraged authorities to focus on:\n  - improving bank cost efficiency,\n  - preventing excessive risk taking,\n  - limiting liquidity and funding risks.\n- Directors welcomed the establishment of the Nordic-Baltic Stability Group.\n- Directors stressed the need to strengthen the effectiveness of cross-border supervision and crisis management arrangements."
    },
    {
      "heading": "Fiscal policy, sustainability, and consolidation",
      "content": "- Directors welcomed structural reforms and emphasized the need for a strong fiscal consolidation to secure fiscal sustainability.\n- Subjects highlighted: Fiscal policy, Fiscal stance, Fiscal sustainability, Public debt, Expenditure."
    },
    {
      "heading": "Keywords and topical focus",
      "content": "- Banking\n- Expenditure\n- Fiscal policy\n- Fiscal stance\n- Fiscal sustainability\n- Output gap\n- Production\n- Public debt\n- Additional keywords: CR, deficit, Europe, Global, headline deficit, IMF staff estimate, ISCR, liability positions vis-à-vis nonresident, projection, staff appraisal, threshold of the SGP\n\nSource: Finland: 2010 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, 2010), September 2, 2010.\n\n---\n\n Content in this bundle\n\n- cr10273\n  - cr10273 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr10273 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 2, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455207725.002",
    "Finland experienced the worst recession in the euro area owing to the high dependence of its exports on countries and commodities.",
    "Output and production were significantly affected (see subjects: Output gap, Production).",
    "Executive Directors encouraged authorities to focus on:",
    "Directors welcomed the establishment of the Nordic-Baltic Stability Group.",
    "Directors stressed the need to strengthen the effectiveness of cross-border supervision and crisis management arrangements.",
    "Directors welcomed structural reforms and emphasized the need for a strong fiscal consolidation to secure fiscal sustainability.",
    "Subjects highlighted: Fiscal policy, Fiscal stance, Fiscal sustainability, Public debt, Expenditure.",
    "Additional keywords: CR, deficit, Europe, Global, headline deficit, IMF staff estimate, ISCR, liability positions vis-à-vis nonresident, projection, staff appraisal, threshold of the SGP",
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