Helsinki Times reports Finland is no longer able to keep step with the budgetary rules introduced by the European Union.
The revised projections revealed that the country would fall short of the yearly targets for structural deficit both in 2014 and 2015. Therefore, the government has to adjust its state budget deducting at least €1 billion not to exceed the threshold of 0.5% of GDP imposed by the EU.
Besides, Finland insists on using its statistical methodology whereas the European Commission is keen to take into account its own estimates which will be available only by November. “Regardless, Finland remains unlikely to face any punitive measures. In the short term, the European Commission can at worst issue a reprimand or recommendation for a course of action,” Helsinki Times writes in conclusion.
