For and against new currency unions
Finns Party chair Timo Soini wants to see separate currency unions for northern and southern Europe. Swedish People's Party chair and Minister of Defence Carl Haglund says such a scenario would not be sensible.
The newspaper Kaleva reported Sunday that Soini would like to see countries of southern Europe and northern Europe in separate currency unions.
According to Soini's vision, the southern currency union would encompass Spain, Portugal, Greece and possibly Italy. The northern group would include Germany, the Netherlands, the Baltic States and the Nordic countries.
The Finns Party leader told the paper that as he sees it, there are two options for the future of the present common currency zone—either the North withdraws or the South does.
Haglund: Bad for exports
"Soini's proposal is not sensible. The currency of a northern European monetary union would be very strong and this would cause big problems for exports," Swedish People's Party chair and Minister of Defence Carl Haglund told Yle.
Haglund pointed out that Finland's economy is driven by exports, something that has been evident during economic crises when slow exports have impacted the whole of the national economy.
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