Prime Minister Paavo Lipponen at the 30th Anniversary of the Labour Institute for Economic Research on September 20, 2001
(The paragraphs in English)
The recent tragedy in the United States may also bear economic consequences.
It is too early to evaluate the implications of the atrocities or estimate the total economic impact at the present. However, there are several encouraging signs. Market reactions have been relatively calm. The dollar depreciated to a certain extent and the stock markets experienced a downward movement.
It is important to note that general confidence in the markets remains still strong.
The political unanimity across the Atlantic Ocean is one of the positive signs that maintain hope in this dark moment. Almost a simultaneous move by the FED and the European Central Bank this week is a clear sign. Europe is ready to shoulder its responsibilities.
From the Finnish point of view it was remarkable that the historical ECB decision was made while President Duisenberg visited Finland, via a modern teleconferencing system of the Bank of Finland.
European governments can not expect the European Central Bank to solve their problems. After the ECB's ratecut, the primary responsibility is in the hands of national policy makers and the European Union.
The main goal of the Finnish Government is lower unemployment and higher employment. The recent swings in the international economy do not make this particularly easy task. Our commitment remains strong. Positive employment development is based on stability on the labour markets, solid public finances and growth promoting policies. This is the Finnish model of economic policy.