Finnish Parliament Gives Thumbs Up to EU’s Recovery Cash Injection

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Parliament approved the EU’s resources decision by a vote of 134-57.

Finnish Parliament Approves EU’s Recovery Fund

On Tuesday, Finland approved the European Union’s €750 billion recovery fund, a spending package to fight the downturn caused by the coronavirus pandemic.

Finland has estimated to receive €3.2 million from the recovery fund and is estimated to pay a total of €6.6 million between 2021–2058.

The subject was debated in Parliament for several days and finally, it approved the EU’s resources decision by a vote of 134-57 (abstentions 2, absent 6). Those who were absent included one member of the Centre Party, one from the SDP and four from the Left Alliance. From the opposition, ten representatives voted no and two abstained from the vote.

ARTICLE CONTINUES AFTER THE ADVERTISEMENT

To be adopted, the proposal required at least two-thirds of the votes cast in the plenary session.

The Finance Committee report included eight proposed resolutions which Parliament also approved in its vote: 

  1. Parliament requires that the recovery instrument be considered an exceptional and one-off solution, that the arrangement does not serve as a precedent and that Finland will not accept a repetition of or the arrangement becoming permanent.
  2. Parliament demands that Finland promote the introduction of the common European debt settlement mechanism and the rules it would require, as well as compliance with the no-bailout clause of the treaty. Finland requires each Member State to be responsible for its own debts so that the risk premium determined in the credit market maintains fiscal discipline and risk reduction.
  3. Parliament requires that Finland does not commit itself to measures that will shape the European Union in the direction of an asymmetric transfer union. Finland requires arrangements in which the responsibility and power for taking and managing debt are in the same hands and are not separated causing a moral hazard and increasing the risk of over-indebtedness. Finland does not accept arrangements that weaken Member States’ incentives to rehabilitate their public finances and increase risks to financial and macroeconomic stability in Europe.
  4. Parliament requires that when considering the Member States’ national recovery plans, Finland adhere to conditionality and fiscal consolidation for all Member States, does not approve the allocation of funds without credible structural reforms to rehabilitate public finances and requires that the payment of funds be conditional on the rule of law.
  5. Parliament requires that the funds received by the Sustainable Growth Programme for Finland be concentrated effectively for purposes that support both recovery and long-term growth, especially in research and development and raising the level of expertise.
  6. Parliament requires that Finland adhere to its established tax policy positions and does not accept supranational taxes that are harmful to Finland.    
  7. Parliament requires that the development of the EU’s own resources system does not lead to an increase in Finland’s overall tax rate.
  8. Parliament requires that Finland influence the direction of EU economic policy by building effective cooperation with those Member States that share the goals set by Parliament for EU economic policy.

After the first vote, on approval of the own resources decision, Parliament also voted on eight draft resolutions which were proposed in the Finns Party’s dissension to the Finance Committee report.

These votes were between the Finance Committee report and the Finns Party’s draft resolutions and decided by a simple majority. Parliament rejected the Finns Party’s proposals.

Parliament has finished its handling of the matter.

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Source: finlandtoday.fi

12 Comments
  1. EmilySmith23 says

    It’s great to see that Finland approved the EU recovery fund. This will be crucial in combating the economic challenges caused by the pandemic. I hope other countries will follow suit and work together for a stronger recovery.

  2. EmmaJohnson says

    It’s great to see Finland taking decisive action to approve the EU’s recovery fund. This will help in combating the economic challenges posed by the pandemic and ensure a stronger recovery for the country. It’s essential that the fund is managed efficiently and that Finland’s interests are well-represented in its implementation.

  3. Emily1991 says

    As a Finnish citizen, I believe that approving the EU’s recovery fund is a positive step towards combating the economic challenges posed by the pandemic. It’s crucial to ensure that these funds are utilized effectively and that Finland’s interests are well represented in the decision-making process. I support the resolution passed by the Parliament and hope it leads to a sustainable recovery mechanism for all EU member states.

  4. EmilySmith says

    As a Finnish taxpayer, I am glad that the Parliament approved the EU’s recovery fund. It’s crucial for our economy to receive this support during these challenging times. I support the decision to endorse the European Union’s resources and believe it will benefit Finland in the long run.

  5. Emma89 says

    I am pleased to see that the Finnish Parliament has approved the EU’s recovery fund. It’s crucial to have a united effort at the European level to combat the economic challenges posed by the pandemic. The conditions set by Parliament, such as ensuring the fund is a one-off solution and promoting common debt settlement mechanisms, are important safeguards for our country’s financial future.

  6. EmilySmith86 says

    I believe that Finland made the right decision in approving the EU’s recovery fund. It’s crucial to take unified action to combat the economic challenges posed by the pandemic. I hope this funding will help Finland and other member states recover and rebuild stronger economies.

  7. AlexJohnson says

    Is the €750 billion recovery fund solely for economic recovery or does it include provisions for healthcare and social welfare as well?

    1. AliceSmith says

      The €750 billion recovery fund approved by the Finnish Parliament includes provisions not only for economic recovery but also for healthcare and social welfare. It aims to combat the effects of the coronavirus pandemic comprehensively across various sectors. The decision reflects a holistic approach to address the challenges faced by the country during these unprecedented times.

  8. EmilyJohnson says

    As a Finnish citizen, I believe that approving the EU’s recovery fund is a crucial step in combating the economic challenges brought by the pandemic. It’s important that Finland receives its fair share of the fund and also ensures that the arrangement remains exceptional and temporary. I support the Parliament’s decision to promote the common European debt settlement mechanism and uphold the treaty’s no-bailout clause.

  9. JennySmith123 says

    Does the approval of the recovery fund mean that Finland will be receiving funds immediately to combat the effects of the pandemic, or is this a more long-term plan?

    1. JamesBrown456 says

      Finland’s approval of the EU’s recovery fund does not mean immediate funds. It is part of a long-term plan to combat the effects of the pandemic and support economic recovery over the coming years.

  10. AnneSmith says

    As a Finnish citizen, I am glad to see that the Finnish Parliament has approved the European Union’s recovery fund. This injection of cash is crucial in fighting the economic impacts of the pandemic. I support the decision to ensure that this is a one-time solution and not a precedent for future situations.

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