The Economic and Monetary Union is at a crossroads. Established with high hopes, the eurozone has been unable to overcome the financial difficulties it has tumbled into. Originally, the monetary union was a political project. Speculations about the potential uncertainty factors involved were disregarded, even though many economists, especially in the USA, warned of the risks. Unfortunately, those words of caution have now come true.
The EuroThinkTank, a working group representing economists, experienced professionals in the financial system and a statistician convening at the University of Helsinki during 2013–2014, took it upon itself to analyse the underlying reasons of the economic and political crisis afflicting the eurozone and to assess the future of the euro. Of special interest to the group was to examine the options available to Finland, a small euro member.
The report seeks to convey a message to Finland’s political decision makers: Finland must not remain adrift because it has a range of options. Finland must not continue to be a country of a single truth when its national interests are at stake. Politicians come and go. The national interest is constant and permanent.
A selection of EuroThinkTank blogs for Libera:
- Heikki Koskenkylä: Future of the EU and eurozone shrouded in uncertainty (5.5.2014)
- Jukka Ala-Peijari: Finnish work is too expensive for the market (23.4.2014)
- Tuomas Malinen: Can a monetary union work without a political union? (14.4.2014)
The authors – the EuroThinkTank
Mr Vesa Kanniainen (editor and chairman of the EuroThinkTank)
The founder or the EuroThinkTank, Vesa Kanniainen is Professor of Economics at the University of Helsinki. He studied at the London School of Economics and has been teaching as Visiting Assistant Professor at Brown University and Washington State University. Most of his academic life, he has been working at the University of Helsinki. He has given courses at Uppsala University, the University of Munich and at Hamburg University. He is an active research fellow at CESifo in Munich.
Mr Jukka Ala-Peijari
M.Sc. (Econ.), CEO and consultant at Euronomics Ltd. Previously economist, assistant professor and lecturer at the University of Tampere. Has published several books on economics.
Ms Elina Berghäll
M.Sc. (Econ.), civil servant engaged in economic research, with prior experience inter alia from the OECD, UNU/WIDER and the IMF. Ms Berghäll is an expert on topics such capital flows and innovation economics.
Mr Markus Kantor
M.Sc. (Econ.), attends the University of Helsinki’s doctoral program specializing on bank research. Consultant and entrepreneur.
Mr Heikki Koskenkylä
Dr. (Econ.), consultant, former head of the Financial markets department at the Bank of Finland
Ms Pia Koskenoja
PhD (Econ.), University of California. Teacher at Metropolia University of Applied Sciences. Previously professor at Tampere University of Technology, Helsinki University and economist at the Government Institute of Economic Research. Research expert called by the European Commission.
Ms Elina Lepomäki
M.Sc. (Tech.), M.Sc. (Econ.), Research Director at Libera. 11 years of financial markets experience. Previously Director at RBS in London, Senior Analyst at Nordea in Finland and Denmark. Specialties: capital markets and derivatives.
Mr Tuomas Malinen
Dr. (Econ.), postdoctoral researcher at the Helsinki Center of Economic Research, University of Helsinki.
Mr Ilkka Mellin
Lic.Pol.Sc. (Statistics), M.Sc. (Math.) is retired. Has taught statistics and mathematics at the University of Helsinki and at the Aalto University School of Science and has been active in several scientific organizations. Still active in statistical research and in instructing post graduate students.
Mr Sami Miettinen
M.Sc. (Econ.), MBA, CFA, investment banker at Sisu Partners and Nordic Trustee. Formerly at e.g. Credit Suisse, RBS, SEB and Nordea.
Mr Peter Nyberg
Dr. (Econ.), retired Director General Financial Services at the finance ministry and previous Advisor to the Board at the Bank of Finland. He has also worked at the IMF and with an inquiry into the causes of the banking crisis in Ireland.
Mr Stefan Törnqvist
M.Sc. (Econ.), M.Sc. (Tech.) has been active in the financial industry for the last 25 years, as CEO and Founding Partner for Alandsbanken Asset Management. In Finland he is known as the domestic Dr Doom, but Stefan himself thinks that he has been a realist.
