I am glad to note that during the upswing years, Russia was able to save for the rainy day through its Stabilization Fund and by paying off its debts. This has made reacting to the crisis much easier. Also in Finland, the pre-crisis years witnessed large public surpluses, which allowed the fiscal policy to be loosened when the crisis hit.
However, in the coming years there is even greater need for responsible fiscal policies. And the benefits from fiscal responsibility are not limited to each country separately, but they are shared globally. In designing future economic policies, we need to remember at least three things. First, we need mechanisms to prevent over-borrowing, both in the private and public sector.