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Der Euro in Europa - Finnland

Finnland - Finland


Finland has high unemployment. Unemployment has been rising since Finland joined the euro and the trend in set to continue. OECD figures show that unemployment was 9.2 percent in 2001, 9.3 percent in 2002 and is projected to rise to 9.5 in 2003.

The wrong interest rate for Finland led to a temporary boom, followed by a sharp downturn in their economy. Growth was 6.1 percent in 2000, and just 0.7 percent in 2001. Even the Commission has admitted that the euro has played a part in destabilising the country because of the inappropriate interest rate.

A study in the summer by the Irish industrial policy agency Forfas showed that the cost of goods and services in Finland is the highest in the eurozone, followed by Ireland. An increasing number of Finnish consumers believe that the launch of the single European currency masked price increases. A poll of 1,007 Finns conducted for the Finnish finance ministry in June found that 73 percent of Finns attribute price rises to the currency switch.

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