Europe is currently the problem case of the global economy. But we cannot achieve a more sustainable situation until we tackle the roots of the euro crisis—that is, over-indebtedness and reckless economic policies. We need to safeguard the wellbeing of our citizens, and preserve our high-quality education, social and healthcare systems. This calls for tighter budget discipline throughout the eurozone, better governance and intensified co-ordination of spending policies among the nations that signed the fiscal union treaty in March.

My country, Finland, is a small nation whose economy is based on foreign trade and a functioning internal market within the European Union is vital for us. Together with other states that hold the highest AAA rating, we have contributed to the operations aimed at saving the most troubled eurozone states. Providing Greece, Ireland and Portugal with assistance and creating financial adjustment programmes for them was necessary to prevent the crisis