European Commission voices its grave concerns over Finnish economy
The European Commission is prepared to reprimand Finland for its non-compliance with the fiscal rules of the European Union. Sources within the European Union revealed to Helsingin Sanomat on Tuesday that Finland will be reprimanded for its failure to comply with the three per cent fiscal deficit threshold prescribed by the European Union for the second year in succession.
The budget of a country shows a deficit when public expenses – the expenses of local and central administrations – exceed public revenues. The European Union in its assessments compares the deficit against the gross domestic product of the member state in question.