These challenges refocus attention on certain indispensable aspects of what it means to be part of a single currency area. The challenge of excessive public debts and deficits serves as a reminder of the need for countries in EMU to pursue sustainable fiscal policies.
The economy and society as a whole are largely at a standstill. The most important thing now is to protect those whose health is threatened by the pandemic. At the same time, it is important to protect people from the economic effects of the pandemic. Now output is contracting sharply in many countries, including Finland.