So, in economic terms, there were cons as well as pros, to joining the currency union, and it was not clear which were more important. The final decision was driven by political considerations at least as much as by economic ones. Membership in the currency union guaranteed Finland a seat at all the tables where decisions were to be made.
If an “inner circle” were to emerge inside the EU, Finland would be part of it. So, Finland joined the ERM in October 1996, and introduced the euro in 1999. What has our experience been over the ten years? To what extent have the fears or the benefits materialised?