Given this reality, decision makers in all sectors (SMEs, large corporates, households, the government) should make financial plans on a prudent basis, with sufficient equity and cash buffers to cope with adverse shocks and due risk assessment of investment and consumption plans. Finally, let me turn to the consumer protection work of the Central Bank, which extends to the SME sector.
Not only had the fiscal deficit begun to grow immediately upon the onset of the global financial crisis; a large fiscal sustainability gap had also emerged. Hence, Finland faced a need to consolidate the public finances, improve the long-term outlook for both economic growth and the public finances, and to adopt swift measures to enhance costcompetitiveness.