The possible participation of Finland in the Stage m of the European Monetary Union would constitute a major change in … Finland?This is the question the present paper seeks to analyze. In the first part of this paper, we review and evaluate the … to which monetary autonomy has served to stabilize the real economy in Finland.This model is applied to analyze directly …

evidence for two distinct views concerning the ultimate EMU membership: (1) Finland and France were considered irrefutable EMU …-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-?-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began …

A withdrawal of a member state from the EMU due to market pressure has been a rather popular topic in the public debate … have been concentrated on the crisis countries, but as the Finnish economic difficulties have deepened also on Finland. In … the report, the effects of the potential withdrawal of Greece, one of the weakest economies in the EMU, is studied first …

The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings … economic objectives in guiding the conduct of fiscal policies; and last but not least, the fact that, under the EMU … by a lack of instruments for effective economic policy at the EMU level, we contribute to the ongoing debate on how to …