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EU Chief Praises Finland's Economic Model

28/01/2009

European Commission President José Manuel Barroso has high praise for Finland's economic policies. According to Barroso the rest of the world should look toward Finland as an example.

"Finland has created wealth not through easy money, not with casino money, but with work, discipline and ideas," he said. "I think it's a good lesson not only for Europe but the whole world."

The EU chief said that the global financial crisis is not a result of insufficient regulation or oversight, but simply because people want to get rich quick without working for it.

Barroso and Finland's prime minister Matti Vanhanen held a joint press conference today after talks in Brussels. Vanhanen was making his first official visit to the European Commission. Barroso invited him to explain to the EU executive what Finland learned from the last recession and to discuss possible fixes for Europe's current economic situation.

Vanhanen referred to Finland's experiences during the severe recession of the early 1990s. He noted that the state made major investments in new technologies, which helped to pull the country out of the slump. The premier stressed that the government must play a more active role in the economy.

"Many EU countries are now searching for a new third way for the economy, with the state playing a stronger role yet without compromising the principles of the market economy," he said.

Source: YLE