By early 2003 the decline was about 75% for the Helsinki index and about 60% for the DJ Euro Stoxx. The exchange rate of the euro vis-à-vis the dollar first depreciated nearly 30% and then appreciated by 50%. Moreover, the price of oil has multiplied during the existence of the euro.
Contrary to the EMU opponents' expectations, neither the positive external shock experienced at the turn of the century nor the initial depreciation of the euro served to push Finland's economy into an inflationary spiral, and the Finnish economy was also able to weather the recession of the ICT industry and the appreciation of the euro rather painlessly.