THE MONETARY UNION AND FINLAND - REFLECTI ONS RELATED TO THE FINNISH EXPERT-REPORT ON EMU

The Finnish group of experts on the EMU discuss several features which are problematic for Finland: the risk for asymmetric shocks; the prop osed limits on fiscal policies; the considerable nominal wage rigiditi es; the possibility for stronger tare competition; as well as the risk that Sweden and the UK remains outside. However, these are not used a s arguments against Finnish participation. Instead the report tries to show how Finland could strengthen the adaptability of her economy, an d how the EMU could be improved. It, therefore indirectly - contrary t o the Swedish Calmfors-report - supports an immediate Finnish particip ation in the third EMU-stage. The article points out some areas that a re not treated in the report.