4 ms·

This is basically it, with the addition that Finland is no lomger in control of its own money. From the war up until adopting the Euro, Finland would devalue it

This is basically it, with the addition that Finland is no lomger in control of its own money. From the war up until adopting the Euro, Finland would devalue its currency a little over once a decade to keep commodity exports going. The EMU is a mechanism effectively set up to extract wealth from the european periphery, for the benefit of Germany (and maybe to a lesser extent Framce). Finland is very much on the losing side, along with Greece, Portugal etc. Perhaps with the difference that the culture is very protestant, with high trust in government. So rather than letting the situatiom deteriorate to what it was in southern Europe durkng the Euro crisis, the populace will flock to the stern faces speaking of deficits in the media, and dutifully vote them in.

bojan 3y ago
I don't understand this putting the blame on the EMU. The demise of Nokia has nothing to do with it. Finland getting de-industrialized also has nothing do do with it, but with the openness of the European market which brought us incredibly cheap commodities at the expense of our own industry. Even Germany is struggling.
G3rn0ti 3y ago
> The EMU is a mechanism effectively set up to extract wealth from the european periphery, for the benefit of Germany (and maybe to a lesser extent Framce). Finland is very much on the losing side, along with Greece, Portugal etc. Nonsense. „Devaluating the national currency“ is a euphemism for extracting wealth from the citizens without them realizing getting poor. The stability criteria are there to protect you from a government destroying your money. I don’t get why so many Europeans think the Euro is hurting them economically while in reality it was holding them back (especially in Greece and Italy, their national currency was practically worthless). However, it takes time for member state governments to get used to an independent central bank. Best regards and hot kisses from Germany.
usr1106 3y ago
> From the war up until adopting the Euro, Finland would devalue its currency a little over once a decade to keep commodity exports going. True. When Finland dropped 2 digits from its currency in the 60s the Finnish Mark and the German Mark where roughly 1:1. When the Euro was introduced 40 years later the exchange rate was 3:1. So 200% inflation over the years more than Germany which was far from stable either. So Finland was a high inflation country all the time. I don't think high inflation countries are known for good economy. Finland for example had massive emigration. I don't think by having continued the high inflation route after 2000 the situation would be significantly brighter today.

bojan 3y ago

I don't understand this putting the blame on the EMU. The demise of Nokia has nothing to do with it. Finland getting de-industrialized also has nothing do do with it, but with the openness of the European market which brought us incredibly cheap commodities at the expense of our own industry. Even Germany is struggling.

G3rn0ti 3y ago

> The EMU is a mechanism effectively set up to extract wealth from the european periphery, for the benefit of Germany (and maybe to a lesser extent Framce). Finland is very much on the losing side, along with Greece, Portugal etc. Nonsense. „Devaluating the national currency“ is a euphemism for extracting wealth from the citizens without them realizing getting poor. The stability criteria are there to protect you from a government destroying your money. I don’t get why so many Europeans think the Euro is hurting them economically while in reality it was holding them back (especially in Greece and Italy, their national currency was practically worthless). However, it takes time for member state governments to get used to an independent central bank. Best regards and hot kisses from Germany.

usr1106 3y ago

> From the war up until adopting the Euro, Finland would devalue its currency a little over once a decade to keep commodity exports going. True. When Finland dropped 2 digits from its currency in the 60s the Finnish Mark and the German Mark where roughly 1:1. When the Euro was introduced 40 years later the exchange rate was 3:1. So 200% inflation over the years more than Germany which was far from stable either. So Finland was a high inflation country all the time. I don't think high inflation countries are known for good economy. Finland for example had massive emigration. I don't think by having continued the high inflation route after 2000 the situation would be significantly brighter today.