But I believe structural factors have also been significant, and the euro has been an important factor in bringing about structural change. The single currency, and the commitment to succeed within its constraints, has contributed to a process of transformation, which in turn has changed the Finnish economy in a profound fashion.
This change started already before the single currency, but the euro has brought further discipline and helped to sustain the momentum. I will list a few such structural factors. First, wage setting. With no exchange rate policy available to correct mistakes, wage setting must be done responsibly. By and large, and notwithstanding some slippages, this has been the case.