Still, I do think that the story of the Finnish currency is above all the story of integration, and the story of a quest for stability. Finland’s currency was born out of the desire for stability in the aftermath of the great commercial crisis of 1857. This global crisis destabilized the Russian rouble.
The fact that consumption has been posting increasingly higher growth in the initial phase of economic recovery – without being accompanied by increases in exports and 4 business fixed investment at home – deserves special mention. Breaking down the improvement in private consumption into goods and services, both have been showing increasingly higher growth over the past few years (Chart 5).