Finland avoids excessive deficit procedure, remains on “knife’s edge”

FINLAND has avoided the excessive deficit procedure even though it is expected to breach the debt rules of the European Union in 2024, reports Helsingin Sanomat.

The European Commission revealed last week that it has decided not to initiate the procedure against the country because it expects the country to breach the three-per-cent limit on budget deficit only temporarily. Finland, its forecast indicates, will have a deficit equalling 3.4 per cent of the gross domestic product in 2024.