US EditionFinland’s parties agree on debt brake, Left Alliance opts out
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8 Articles
Helsinki Times
einnews.comFinland’s parties agree on debt brake, Left Alliance opts out
Finnish parliamentary parties have reached a cross-party agreement on a “debt brake” aimed at reducing public borrowing in the coming years. The pact, finalised on Tuesday, binds parties to shared fiscal targets across election cycles. The Left Alliance was the only parliamentary group to reject the deal. The agreement establishes a framework under which parties will jointly set medium-term fiscal goals before each parliamentary election. These …
The parties reached a parliamentary agreement on the debt brake on Tuesday. The Left Alliance was the only party to stay out of the agreement.
The agreement on the debt brake is a welcome sign of political decision-makers returning to realism in the economic recovery of Finland, which is becoming increasingly indebted.
On Tuesday, the parliamentary parties reached an agreement on the so-called debt brake. The agreement defines the framework conditions under which public finances will be managed in the coming election periods. The aim is to halt Finland's rapid debt accumulation. The agreement was approved by all parliamentary parties except the Left Alliance.
Politicians agree that Finland must continue to save several billion euros to curb the national debt. Where will the money come from? HBL asks four Finns – and gets several suggestions.
Heavy adjustments are ahead and necessary, but the Left Alliance is trying to distance itself from them, writes Juha Ristamäki. Tuesday was a historic day in Finnish politics. Eight of the nine parliamentary parties agreed that Finland finally needs to put a brake on public debt. Olli Rehn, the governor of the Bank of Finland, welcomed the agreement, although he said it came “frankly too late”.
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