Speaking to YLE, Urpilainen said that in such a scenario decisions would not require consensus anymore, and that this was extremely worrying from Finland’s point of view. As such, Finland could not accept this arrangement.

Nor would Finland go along with proposals to lessen the responsibility of private investors in the permanent bailout fund. According to Urpilainen, Finland’s stance is that investors and banks must also carry their share of responsibility in the future. Finland is not the only country with such demands, as investor responsibility is also important for many other member states, Urpilainen added.

The Minister of Finance was hopeful that investor responsibility would remain a feature of a permanent crisis management mechanism.

On the other hand, Urpilainen also found good elements in France’s and Germany’s proposal, such as tighter monitoring of rules and sanctions for breaking agreements.

Commenting on the credit rating agency Standard & Poor's warning that it may downgrade eurozone countries’ credit ratings, Urpilainen said that this was a serious signal, and that such a warning brings into focus how Finland's small, open economy is seriously affected by events in Europe.