Prime Minister Stubb: Message from credit rating agency the same as from the Ministry of Finance

Credit rating agency Standard & Poor's decided on Friday evening to keep Finland’s credit rating unchanged at "AA+/A-1+". Finland's outlook was rated as stable.

"The message sent by the credit rating agencies is the same as given by our Ministry of Finance. Finland needs fiscal consolidation and structural reforms that will improve the balance of the public economy", Prime Minister Stubb says.

According to Standard & Poor's, the key constraints for Finland’s long-term growth are on the supply side.

"Finland's population is ageing and the working-age population has turned to a fall. If we are to preserve the welfare society, we need to increase the rate of employment of our working-age population. Work-related immigration is also needed. The welfare society cannot be put on a sound footing without reforms that promote the supply of labour. Work needs to be our number one priority", Stubb says.

Contributing to the sustainability of public finances requires that the next government creates a credible plan that will reverse the trend of central and local government indebtedness.

"At the beginning of its term, the next government needs to agree on a convincing plan to stop the rise in the debt ratio. According to the Ministry of Finance, this calls for EUR 6 billion adjustments. Decisions have to be made right at the beginning of the parliamentary term but, according to expert assessments, the implementation of the measures can be phased so that they would hamper growth and employment as little as possible", Stubb says.  

Inquiries: Maarit Kaltio, Special Adviser (Economic Policy Affairs), tel. +358 44 582 8217, Prime Minister's Office