The last aspect is particularly crucial now in Finland, which is the first EU country to face population ageing, but it will soon been a major issue for the others, too. But let me start with financial integration. Financial integration and growth It is difficult to think of a less opportune time to preach the virtues of financial integration.
While we may be able to afford this inward looking pattern of development now, because of the availability of foreign exchange, it is not very efficient and more importantly, it is clearly unsustainable and will come to a halt once the energy boom subsides as it certainly will.