Ahead of the crucial summit starting on Thursday night, France and Germany have proposed that the permanent bailout fund be streamlined by allowing decisions to be pushed through by countries holding 85 percent of the European Central Bank’s capital. Currently, decision-making is by unanimous vote.

The Constitutional Law Committee’s chair, Johannes Koskinen, says that the proposed changes would damage national sovereignty. The Constitutional Law Committee has informed the Grand Committee of its decision. It, in turn, determines the Prime Minister's mandate at the Brussels summit.

Grand Committee Chair: Finland cannot accept proposal

The Chairperson of the Grand Committee Miapetra Kumpula-Natri told YLE that Finland could not accept the proposed changes to the bail-out fund. In her view, the decision of the Constitutional Law Committee ruled this out.

Addressing parliament on Thursday, Finance Minister Jutta Urpilainen again stressed the role of investor responsibility in the permanent bail-out fund due to come into force in either 2012 to 2013. She reiterated Finland had emphasized this and would continue to do so. Urpilainen added Finland's position was for a continuation of decision-marking by unanimous vote.