Finnish debate on EMU: A discussion without reliable evidence

If Finland wants to be internationally competitive, it will face either internal or an external devaluation of about 20 to 30 per cent. If it chooses internal devaluation, it must cut pensions and salaries, and severely restructure the cost of public administration. External devaluation would mean that Finland should return to its own currency, and let it float freely. That probably would lead to a slight devaluation of the currency, but also growth in foreign trade. This statement was made in June by a financial expert representing a Eurocritical group in Finland, by Mr. Stefan Törnqvist – a capital investor at the private equity firm Helmet Capital – whose opinions are frequently quoted in the media.