113-629: Lantråd is the title of the head of government of the Åland Islands in Finland . The person holding the office leads its regional government. The current Lantråd is Katrin Sjögren . List of premiers of the Åland Islands (1922–Present): Finland – in Europe (green & dark grey) – in the European Union (green) – [ Legend ] Finland , officially
226-604: A presidential republic , with K. J. Ståhlberg elected as its first president on 25 July 1919. A liberal nationalist with a legal background, Ståhlberg anchored the state in liberal democracy , promoted the rule of law and initiated internal reforms. Finland was also one of the first European countries to strongly promote women's equality , with Miina Sillanpää becoming the first female minister in Finnish history in Väinö Tanner's cabinet in 1926–1927. The Finnish-Russian border
339-501: A country was to run a deficit, they would have to justify it to the rest of the EU while countries with a debt more than 60% of GDP would face greater scrutiny. The plans would apply to all EU members, not just the eurozone, and have to be approved by EU leaders along with proposals for states to face sanctions before they reach the 3% limit in the Stability and Growth Pact . Poland has criticised
452-666: A day before a meeting of the Economic and Financial Affairs Council (Ecofin) of the Council of the European Union . The Group is not an official Council formation but when the full EcoFin council votes on matters only affecting the eurozone, only Euro Group members are permitted to vote on it. Since the global financial crisis of 2007–2008 , the Euro Group has met irregularly not as finance ministers, but as heads of state and government (like
565-463: A diverse and extensive range of fauna. There are at least sixty native mammalian species, 248 breeding bird species, over 70 fish species, and 11 reptile and frog species present today, many migrating from neighbouring countries thousands of years ago. Large and widely recognized wildlife mammals found in Finland are the brown bear , grey wolf , wolverine , and elk . Three of the more striking birds are
678-547: A fiscal union in the eurozone can mitigate devastating effects of the single currency on the eurozone peripheral countries. But he adds that the currency bloc will not work perfectly even if a fiscal transfer system is built, because, he argues, the fundamental issue about competitiveness adjustment is not tackled. The problem is, since the eurozone peripheral countries do not have their own currencies, they are forced to adjust their economies by decreasing their wages instead of devaluation. The financial crisis of 2007–2008 prompted
791-514: A largely agricultural country until the 1950s. After World War II, it industrialised quickly and established an advanced economy, with a welfare state built on the Nordic model . This allowed the country to experience overall prosperity and high per capita income . During the Cold War , Finland officially embraced a policy of neutrality. Since then, it has become a member of the European Union in 1995,
904-512: A minimum of two years without the presence of "severe tensions" for the currency exchange rate. In September 2011, a diplomatic source close to the euro adoption preparation talks with the seven remaining new member states who had yet to adopt the euro at that time (Bulgaria, the Czech Republic, Hungary, Latvia, Lithuania, Poland, and Romania), claimed that the monetary union (eurozone) they had thought they were going to join upon their signing of
1017-518: A mutual security pact with the United Kingdom. On 12 May, Finland's president and Prime Minister called for NATO membership "without delay". Subsequently, on 17 May, the Finnish Parliament voted 188–8 in favour of Finland's accession to NATO. Finland became a member of NATO on 4 April 2023. Lying approximately between latitudes 60° and 70° N , and longitudes 20° and 32° E , Finland
1130-526: A new stricter version of the Stability and Growth Pact , signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic, the United Kingdom, and Croatia (subsequently acceding the EU in July 2013). The treaty entered into force on 1 January 2013 for the 16 states which completed ratification prior of this date. As of 1 April 2014, it had been ratified and entered into force for all 25 signatories. Olivier Blanchard suggests that
1243-558: A number of reforms in the eurozone. One was a U-turn on the eurozone's bailout policy that led to the creation of a specific fund to assist eurozone states in trouble. The European Financial Stability Facility (EFSF) and the European Financial Stability Mechanism (EFSM) were created in 2010 to provide, alongside the International Monetary Fund (IMF), a system and fund to bail out members. However,
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#17328697975451356-479: A population of 5.6 million. Helsinki is the capital and largest city. The vast majority of the population are ethnic Finns . The official languages are Finnish and Swedish ; 84.9 percent of the population speak the first as their mother tongue and 5.1 percent the latter. Finland's climate varies from humid continental in the south to boreal in the north. The land cover is predominantly boreal forest biome, with more than 180,000 recorded lakes . Finland
1469-455: A result of the financial crisis of 2007–2008 . In Iceland, there was an increase in interest in joining the European Union, a pre-condition for adopting the euro. However, by 2010 the debt crisis in the eurozone caused interest from Poland, as well as the Czech Republic, Denmark and Sweden to cool. In the opinion of journalist Leigh Phillips and Locke Lord 's Charles Proctor, there is no provision in any European Union treaty for an exit from
1582-486: A result of the two wars, Finland lost 12% of its land area, 20% of its industrial capacity, its second largest city, Vyborg ( Finnish : Viipuri ), and the ice-free port of Liinakhamari ( Finnish : Liinahamari ). The Finns lost 97,000 soldiers and were forced to pay war reparations of $ 300 million ($ 4.1 billion in 2023). However, the country avoided occupation by Soviet forces and managed to retain its independence. Along with Great Britain, Finland emerged from
1695-402: A short transition period, they took out of circulation and rendered invalid their pre-euro national coins and notes. Between 2007 and 2023, eight new states have acceded: Croatia, Cyprus, Estonia, Latvia, Lithuania, Malta, Slovakia, and Slovenia. Three French dependent territories that are not part of the EU have adopted the euro, with France ensuring eurozone laws are implemented: The euro
1808-683: A violent time in the northern Baltic Sea. The Livonian Crusade was ongoing and the Finnish tribes such as the Tavastians and Karelians were in frequent conflicts with Novgorod and with each other. Also, during the 12th and 13th centuries several crusades from the Catholic realms of the Baltic Sea area were made against the Finnish tribes. Danes waged at least three crusades to Finland, in 1187 or slightly earlier, in 1191 and in 1202, and Swedes , possibly
1921-476: Is also used in countries outside the EU. Four states (Andorra, Monaco, San Marino, and Vatican City) have signed formal agreements with the EU to use the euro and issue their own coins. Nevertheless, they are not considered part of the eurozone by the ECB and do not have a seat in the ECB or Euro Group. Akrotiri and Dhekelia (located on the island of Cyprus) belong to the United Kingdom, but there are agreements between
2034-482: Is common representation, a common political agenda should be agreed upon. Leading EU figures including the commission and national governments have proposed a variety of reforms to the eurozone's architecture; notably the creation of a Finance Minister, a larger eurozone budget, and reform of the current bailout mechanisms into either a "European Monetary Fund" or a eurozone Treasury . While many have similar themes, details vary greatly. The 20 largest economies in
2147-454: Is entitled to authorise the design and printing of euro banknotes and the volume of euro coins minted, and its president is currently Christine Lagarde . The eurozone is represented politically by its finance ministers, known collectively as the Eurogroup , and is presided over by a president, currently Paschal Donohoe . The finance ministers of the EU member states that use the euro meet
2260-496: Is legally exempt from joining the eurozone unless its government decides otherwise, either by parliamentary vote or referendum . The United Kingdom likewise had an opt-out prior to withdrawing from the EU in 2020. The remaining six countries are obliged to adopt the euro in future, although the EU has so far not tried to enforce any time plan. They should join as soon as they fulfill the convergence criteria, which include being part of ERM II for two years. Sweden , which joined
2373-565: Is now Finland was settled in, at the latest, around 8,500 BC during the Stone Age towards the end of the last glacial period . The artefacts the first settlers left behind present characteristics that are shared with those found in Estonia , Russia, and Norway. The earliest people were hunter-gatherers , using stone tools. The first pottery appeared in 5200 BC, when the Comb Ceramic culture
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#17328697975452486-599: Is one of the world's northernmost countries. Of world capitals, only Reykjavík lies more to the north than Helsinki. The distance from the southernmost point – Hanko in Uusimaa – to the northernmost – Nuorgam in Lapland – is 1,160 kilometres (720 mi). Finland has about 168,000 lakes (of area larger than 500 m or 0.12 acres) and 179,000 islands. Its largest lake, Saimaa , is the fourth largest in Europe. The Finnish Lakeland
2599-691: Is shared between the Arctic, central European, and northern European provinces of the Circumboreal Region within the Boreal Kingdom . According to the WWF , the territory of Finland can be subdivided into three ecoregions : the Scandinavian and Russian taiga , Sarmatic mixed forests , and Scandinavian Montane Birch forest and grasslands . Taiga covers most of Finland from northern regions of southern provinces to
2712-501: Is the monetary authority of the eurozone, the Eurogroup is an informal body of finance ministers that makes fiscal policy for the currency union, and the European System of Central Banks is responsible for fiscal and monetary cooperation between eurozone and non-eurozone EU members. The European Central Bank (ECB) makes monetary policy for the eurozone, sets its base interest rate , and issues euro banknotes and coins. Since
2825-493: Is the area with the most lakes in the country; many of the major cities in the area, most notably Tampere , Jyväskylä and Kuopio , are located near the large lakes. The Finnish coastline is speckled with the world's largest archipelago, encompassing more than 50,000 islands, greatest concentration of which is found in the southwest, in the Archipelago Sea between continental Finland and the main island of Åland . Much of
2938-427: Is the highest point in Finland. It is found in the north of Lapland at the border between Finland and Norway. The highest mountain whose peak is entirely in Finland is Ridnitšohkka at 1,316 m (4,318 ft), directly adjacent to Halti. The retreating glaciers have left the land with morainic deposits in formations of eskers . These are ridges of stratified gravel and sand, running northwest to southeast, where
3051-487: Is the largest producer of wood in Europe and among the largest in the world. The most common type of rock is granite . It is a ubiquitous part of the scenery, visible wherever there is no soil cover. Moraine or till is the most common type of soil, covered by a thin layer of humus of biological origin. Podzol profile development is seen in most forest soils except where drainage is poor. Gleysols and peat bogs occupy poorly drained areas. Phytogeographically , Finland
3164-542: Is to not exceed 60%. The primary means for fiscal coordination within the EU lies in the Broad Economic Policy Guidelines which are written for every member state, but with particular reference to the 20 current members of the eurozone. These guidelines are not binding, but are intended to represent policy coordination among the EU member states, so as to take into account the linked structures of their economies. For their mutual assurance and stability of
3277-642: The Baltic Sea region grew and extended during the eighth and ninth centuries. Main exports from Finland were furs, slaves, castoreum , and falcons to European courts. Imports included silk and other fabrics, jewelry, Ulfberht swords , and, in lesser extent, glass. Production of iron started approximately in 500 BC. At the end of the ninth century, indigenous artefact culture, especially weapons and women's jewelry, had more common local features than ever before. This has been interpreted to be expressing common Finnish identity. An early form of Finnic languages spread to
3390-664: The Czech Republic , Denmark , Hungary , Poland , Romania , and Sweden ) are EU members but do not use the euro. Before joining the eurozone, a state must spend at least two years in the European Exchange Rate Mechanism (ERM II). As of January 2023, the central bank of Denmark and the Bulgarian central bank participate in ERM II. Denmark obtained a special opt-out in the original Maastricht Treaty , and thus
3503-600: The Declaration of Independence on 4 December 1917, which was officially approved by the Finnish Parliament on 6 December. The Russian Soviet Federative Socialist Republic (RSFSR), led by Vladimir Lenin was the first country to recognise Finland's independence on 4 January 1918. On 27 January 1918, the government began to disarm the Russian forces in Ostrobothnia . The socialists took control of southern Finland and Helsinki, but
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3616-847: The European Monetary System with its Exchange Rate Mechanism and the related new common currency ECU . On 1 January 1999, the euro replaced the ECU ;1:1 at the exchange rate markets. During 1979–1999, the Deutsche Mark functioned as a de facto anchor for the ECU, meaning there was only a minor difference between pegging a currency against the ECU and pegging it against the Deutsche Mark. Sources: EC convergence reports 1996-2014 , Italian lira , Spanish peseta , Portuguese escudo , Finnish markka , Greek drachma , Sterling The eurozone
3729-638: The Eurozone in 1999, and NATO in 2023. Finland is a member of various international organisations, such as the Nordic Council , the Schengen Area , and the Organisation for Economic Co-operation and Development (OECD). The nation performs extremely well in national performance metrics , including education , economic competitiveness, civil liberties, quality of life, and human development. The area that
3842-511: The Finnish War , Finland was captured from Sweden and became an autonomous grand duchy within the Russian Empire . During this period, Finnish art flourished and the independence movement began to take hold. Finland became the first territory in Europe to grant universal suffrage in 1906, and the first in the world to give all adult citizens the right to run for public office. Following
3955-512: The IMF as a bloc, rather than each member state separately: "It is absurd for those 15 countries not to agree to have a single representation at the IMF. It makes us look absolutely ridiculous. We are regarded as buffoons on the international scene". In 2017 Juncker stated that he aims to have this agreed by the end of his mandate in 2019. However, Finance Commissioner Joaquín Almunia stated that before there
4068-603: The Onciderini also being common. The most common breeding birds are the willow warbler , common chaffinch , and redwing . Of some seventy species of freshwater fish, the northern pike , perch , and others are plentiful. Atlantic salmon remains the favourite of fly rod enthusiasts. The endangered Saimaa ringed seal , one of only three lake seal species in the world, exists only in the Saimaa lake system of southeastern Finland, down to only 390 seals today. The species has become
4181-570: The Protestant Reformation , the Finns gradually converted to Lutheranism . In the 16th century, a bishop and Lutheran Reformer Mikael Agricola published the first written works in Finnish; and Finland's current capital city, Helsinki , was founded by King Gustav Vasa in 1555. The first university in Finland, the Royal Academy of Turku , was established by Queen Christina of Sweden at
4294-582: The Republic of Finland , is a Nordic country in Northern Europe . It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, opposite Estonia . Finland covers a total area of 338,145 square kilometres (130,559 sq mi), including a land area of 303,815 square kilometres (117,304 sq mi), and has
4407-666: The Russian Empire , as recognised by the Diet of Porvoo . This situation continued until the end of 1917. In 1812, Alexander I incorporated the Russian province of Vyborg into the Grand Duchy of Finland. In 1854, Finland became involved in Russia's involvement in the Crimean War when the British and French navies bombed the Finnish coast and Åland during the so-called Åland War . Although Swedish
4520-822: The Russian Revolution of 1917, Finland declared its independence . A civil war was fought in Finland the following year, with the Whites emerging victorious. Finland's status as a republic was confirmed in 1919. During World War II , Finland fought against the Soviet Union in the Winter War and the Continuation War , and later against Nazi Germany in the Lapland War . As a result, it lost parts of its territory but retained its independence and democracy. Finland remained
4633-615: The Social Democratic Party . The development of trade with the Western powers, such as the United Kingdom, and the payment of reparations to the Soviet Union led to Finland's transformation from a primarily agrarian society to an industrialised one. Valmet , originally a shipyard and then several metal workshops, was established to produce materials for war reparations. After the reparations were paid, Finland continued to trade with
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4746-603: The Social Democrats , passed the so-called Power Act to give the parliament supreme authority. This was rejected by the Russian Provisional Government , which decided to dissolve the parliament. New elections were held in which the right-wing parties won by a small majority. Some social democrats refused to accept the result, claiming that the dissolution of parliament and the subsequent elections were extra-legal. The two almost equally powerful political blocs,
4859-523: The World Bank , the International Monetary Fund and the General Agreement on Tariffs and Trade . During the Cold War , Finland officially embraced a policy of neutrality . The YYA treaty (Finno-Soviet Pact of Friendship, Cooperation and Mutual Assistance) recognized Finland's desire to remain outside great-power conflicts. From 1956 president Urho Kekkonen had a virtual monopoly on relations with
4972-487: The euro convergence criteria . Among non-EU member states, Andorra , Monaco , San Marino , and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro have adopted the euro unilaterally, relying on euros already in circulation rather than minting currencies of their own. These six countries, however, have no representation in any eurozone institution. The Eurosystem
5085-517: The eurozone ( EZ ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro ( € ) as their primary currency and sole legal tender , and have thus fully implemented EMU policies. The 20 eurozone members are: The seven non-eurozone members of the EU are Bulgaria , the Czech Republic , Denmark , Hungary , Poland , Romania , and Sweden . They continue to use their own national currencies, although all but Denmark are obliged to join once they meet
5198-546: The financial crisis of 2007–2008 , the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. The eurozone has also enacted some limited fiscal integration ; for example, in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. No eurozone member state has left, and there are no provisions to do so or to be expelled. In 1998, eleven member states of
5311-398: The main refinancing operations were variable rate tenders, as opposed to fixed rate tenders. The figures indicated in the table from 2000 to 2008 refer to the minimum interest rate at which counterparties may place their bids. [REDACTED] The following table states the ratio of public debt to GDP in percent for eurozone countries given by EuroStat. The euro convergence criterion
5424-553: The whooper swan , a large European swan and the national bird of Finland; the Western capercaillie , a large, black-plumaged member of the grouse family; and the Eurasian eagle-owl . The latter is considered an indicator of old-growth forest connectivity, and has been declining because of landscape fragmentation. Around 24,000 species of insects are prevalent in Finland some of the most common being hornets with tribes of beetles such as
5537-612: The Baltic Sea region approximately 1900 BC. Common Finnic language was spoken around Gulf of Finland 2000 years ago. The dialects from which the modern-day Finnish language was developed came into existence during the Iron Age. Although distantly related, the Sami people retained the hunter-gatherer lifestyle longer than the Finns. The Sami cultural identity and the Sami language have survived in Lapland ,
5650-572: The Council of Ministers had not voted to fine those states. Subsequently, reforms were adopted to provide more flexibility and ensure that the deficit criteria took into account the economic conditions of the member states, and additional factors. The Fiscal Compact (formally, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union), is an intergovernmental treaty introduced as
5763-559: The Dutch government, favour the creation of an expulsion provision for the case whereby a heavily indebted state in the eurozone refuses to comply with an EU economic reform policy. In a Texas law journal, University of Texas at Austin law professor Jens Dammann has argued that even now EU law contains an implicit right for member states to leave the eurozone if they no longer meet the criteria that they had to meet in order to join it. Furthermore, he has suggested that, under narrow circumstances,
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#17328697975455876-512: The EFSF and EFSM were temporary, small and lacked a basis in the EU treaties. Therefore, it was agreed in 2011 to establish a European Stability Mechanism (ESM) which would be much larger, funded only by eurozone states (not the EU as a whole as the EFSF/EFSM were) and would have a permanent treaty basis . As a result of that its creation involved agreeing an amendment to TEFU Article 136 allowing for
5989-402: The ESM and a new ESM treaty to detail how the ESM would operate. If both are successfully ratified according to schedule, the ESM would be operational by the time the EFSF/EFSM expire in mid-2013. In February 2016, the UK secured further confirmation that countries that do not use the Euro would not be required to contribute to bailouts for eurozone countries. In June 2010, a broad agreement
6102-436: The EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone. However, the Swedish people turned down euro adoption in a 2003 referendum and since then the country has intentionally avoided fulfilling the adoption requirements by not joining ERM II, which is voluntary. Bulgaria joined ERM II on 10 July 2020. Interest in joining the eurozone increased in Denmark, and initially in Poland, as
6215-433: The EU in 2013 , adopted the euro in 2023. All new EU members joining the bloc after the signing of the Maastricht Treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties. However, the last of the five economic convergence criteria which need first to be complied with in order to qualify for euro adoption, is the exchange rate stability criterion, which requires having been an ERM-member for
6328-426: The European Council). It is in this forum, the Euro summit , that many eurozone reforms have been decided upon. In 2011, former French President Nicolas Sarkozy pushed for these summits to become regular and twice a year in order for it to be a 'true economic government'. In April 2008 in Brussels , future European Commission President Jean-Claude Juncker suggested that the eurozone should be represented at
6441-486: The European Union had met the euro convergence criteria , and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. Greece qualified in 2000 and was admitted on 1 January 2001. These twelve founding members introduced physical euro banknotes and euro coins on 1 January 2002. After
6554-500: The European Union , the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros, and ruled that the ECB had no obligation towards the convertibility of the CFA and Comorian francs . The responsibility of the free convertibility remained in the French Treasury . Kosovo and Montenegro unilaterally adopted the euro as their sole currency without an agreement and, therefore, have no issuing rights. These states are not considered part of
6667-561: The European Union can expel member states from the eurozone. The monetary policy of all countries in the eurozone is managed by the European Central Bank (ECB) and the Eurosystem which comprises the ECB and the central banks of the EU states who have joined the eurozone. Countries outside the eurozone are not represented in these institutions. Whereas all EU member states are part of the European System of Central Banks (ESCB), non EU member states have no say in all three institutions, even those with monetary agreements such as Monaco. The ECB
6780-445: The Finns as the Greater Wrath (1714–1721) and the Lesser Wrath (1742–1743). It is estimated that almost an entire generation of young men was lost during the Great Wrath, due mainly to the destruction of homes and farms, and the burning of Helsinki. The Swedish era ended with the Finnish War of 1809. On 29 March 1809, after being conquered by the armies of Alexander I of Russia , Finland became an autonomous grand duchy within
6893-430: The Middle Ages, Finland gradually became part of the kingdom of Sweden and the sphere of influence of the Catholic Church . Under Sweden, Finland was annexed as part of the cultural order of Western Europe . Swedish was the dominant language of the nobility, administration, and education; Finnish was chiefly a language for the peasantry , clergy, and local courts in predominantly Finnish-speaking areas. During
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#17328697975457006-581: The Soviet Union as part of bilateral trade . In 1950, 46% of Finnish workers were employed in agriculture and a third lived in urban areas, but new jobs in manufacturing, services and trade quickly attracted people to the cities. The average number of births per woman fell from a baby boom peak of 3.5 in 1947 to 1.5 in 1973. As the baby boomers entered the workforce, the economy failed to create jobs fast enough and hundreds of thousands emigrated to more industrialised Sweden, with emigration peaking in 1969 and 1970. Finland participated in trade liberalisation in
7119-409: The Soviet Union, and a global economic downturn caused a deep recession in Finland in the early 1990s . The recession bottomed out in 1993 and Finland enjoyed more than a decade of steady economic growth. After the collapse of the Soviet Union, Finland began to integrate more closely with the West. Finland joined the European Union in 1995 and the euro zone in 1999. Much of the economic growth of
7232-450: The Soviet Union, which was crucial to his continued popularity. In politics, there was a tendency to avoid any policy or statement that could be interpreted as anti-Soviet. This phenomenon was dubbed " Finlandisation " by the West German press. A market economy was maintained in Finland. Various industries benefited from trade privileges with the Soviets. Economic growth was rapid in the post-war period, and by 1975 Finland's GDP per capita
7345-400: The US since 1982. Concerning fiscal policies, 12% of the US federal budget is used for transfers to states and local governments. The US government does not impose restrictions on state budget policies, whereas the Treaty of Maastricht requires each eurozone member country to keep its budget deficit below 3% of its GDP. In 2008, a study by Alberto Alesina and Vincenzo Galasso found that
7458-437: The United Kingdom and Cyprus and between United Kingdom and EU about their partial integration with Cyprus and partial adoption of Cypriot law, including the usage of euro in Akrotiri and Dhekelia. Several currencies are pegged to the euro, some of them with a fluctuation band and others with an exact rate. The Bosnia and Herzegovina convertible mark was once pegged to the Deutsche mark at par, and continues to be pegged to
7571-419: The accession treaty may very well end up being a very different union, entailing a much closer fiscal, economic, and political convergence than originally anticipated. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which "could force them to stage new referendums" on euro adoption. Seven countries ( Bulgaria ,
7684-485: The adoption of euro promoted market deregulation and market liberalization . Furthermore, the euro was also linked to wage moderation, as wage growth slowed down in countries that adopted the new currency. Oliver Hart , who received the Nobel Memorial Prize in Economic Sciences in 2016, criticized the euro, calling it a "mistake" and emphasising his opposition to monetary union since its inception. He also expressed opposition to European integration , arguing that
7797-399: The ancient edge of the glacier once lay. Among the biggest of these are the three Salpausselkä ridges that run across southern Finland. Having been compressed under the enormous weight of the glaciers, terrain in Finland is rising due to the post-glacial rebound . The effect is strongest around the Gulf of Bothnia, where land steadily rises about 1 cm (0.4 in) a year. As a result,
7910-537: The beginning of the war to govern Finland after Soviet conquest. There was widespread international condemnation of the unprovoked attack and it led to the Soviet Union being expelled from the League of Nations . The Red Army was defeated in numerous battles, most notably the Battle of Suomussalmi . After two months of negligible progress on the battlefield, as well as heavy losses in men and material, Soviet forces began to advance in February and reached Vyborg ( Finnish : Viipuri ) in March. The Moscow Peace Treaty
8023-408: The change. The Seima-Turbino phenomenon brought the first bronze artefacts to the region and possibly also the Finno-Ugric languages . Commercial contacts that had so far mostly been to Estonia started to extend to Scandinavia. Domestic manufacture of bronze artefacts started 1300 BC. In the Iron Age , population grew. Finland Proper was the most densely populated area. Commercial contacts in
8136-454: The coastal areas such as Helsinki, snow often covers the land from late December to late March. Even in the south, the harshest winter nights can see the temperatures fall to −30 °C (−22 °F) although on coastal areas like Helsinki, temperatures below −30 °C (−22 °F) are rare. Climatic summers (when mean daily temperature remains above 10 °C or 50 °F) in southern Finland last from about late May to mid-September, and in
8249-412: The currency, members of the eurozone have to respect the Stability and Growth Pact , which sets agreed limits on deficits and national debt , with associated sanctions for deviation. The Pact originally set a limit of 3% of GDP for the yearly deficit of all eurozone member states; with fines for any state which exceeded this amount. In 2005, Portugal, Germany, and France had all exceeded this amount, but
8362-451: The decade. Sauli Niinistö was elected President of Finland from 2012 until 2024, when Alexander Stubb took over. Finnish support for NATO rose sharply after the Russian invasion of Ukraine in 2022 . Before February 2022, opinion polls showed a narrow but decisive majority against NATO membership; by April, a supermajority was in favour of membership. On 11 May 2022, Finland signed
8475-570: The deficit or the debt rules. In 1997, Arnulf Baring expressed concern that the European Monetary Union would make Germans the most hated people in Europe. Baring suspected the possibility that the people in Mediterranean countries would regard Germans and the currency bloc as economic policemen. In 2001, James Tobin thought that the euro project would not succeed without making drastic changes to European institutions, pointing out
8588-542: The difference between the US and the eurozone. Concerning monetary policies, the system of Federal Reserve banks in the US aims at both growth and reducing unemployment, while the ECB tends to give its first priority to price stability under the Bundesbank 's supervision. As the price level of the currency bloc is kept low, the unemployment level of the region has become higher than that of
8701-545: The emblem of the Finnish Association for Nature Conservation. A third of Finland's land area originally consisted of moorland , about half of this area has been drained for cultivation over the past centuries. The main factor influencing Finland's climate is the country's geographical position between the 60th and 70th northern parallels in the Eurasian continent's coastal zone. In the Köppen climate classification ,
8814-517: The euro today at the Deutsche mark's old rate (1.95583 per euro). The Bulgarian lev was initially pegged to the Deutsche Mark at a rate of BGL 1000 to DEM 1 in 1997, and has been pegged at a rate of BGN 1.95583 to EUR 1 since the introduction of the euro and the redenomination of the lev in 1999. The West African and Central African CFA francs are pegged exactly at 655.957 CFA to 1 EUR. In 1998, in anticipation of Economic and Monetary Union of
8927-413: The eurozone by the ECB. However, sometimes the term eurozone is applied to all territories that have adopted the euro as their sole currency. Further unilateral adoption of the euro ( euroisation ), by both non-euro EU and non-EU members, is opposed by the ECB and EU. The chart below provides a full summary of all applying exchange-rate regimes for EU members , since the birth, on 13 March 1979, of
9040-574: The eurozone should be included in the relevant treaties. On the issue of leaving the eurozone, the European Commission has stated that "[t]he irrevocability of membership in the euro area is an integral part of the Treaty framework and the Commission, as a guardian of the EU Treaties, intends to fully respect [that irrevocability]." It added that it "does not intend to propose [any] amendment" to
9153-498: The eurozone. In fact, they argued, the Treaties make it clear that the process of monetary union was intended to be "irreversible" and "irrevocable". However, in 2009, a European Central Bank legal study argued that, while voluntary withdrawal is legally not possible, expulsion remains "conceivable". Although an explicit provision for an exit option does not exist, many experts and politicians in Europe have suggested an option to leave
9266-590: The geography of Finland is a result of the Ice Age. The glaciers were thicker and lasted longer in Fennoscandia compared with the rest of Europe. The eroding effects have contributed to a mostly flat landscape in Finland, characterized by hills. However, in the northern regions, including areas bordering the Scandinavian Mountains, the terrain features mountainous elevations. At 1,324 metres (4,344 ft), Halti
9379-444: The idea of withholding regional funding for those who break the deficit limits, as that would only impact the poorer states. In June 2010 France agreed to back Germany's plan for suspending the voting rights of members who breach the rules. In March 2011 was initiated a new reform of the Stability and Growth Pact aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either
9492-447: The inland, the warmest days of July can reach over 35 °C (95 °F). Although most of Finland lies on the taiga belt, the southernmost coastal regions are sometimes classified as hemiboreal . In northern Finland, particularly in Lapland, the winters are long and cold, while the summers are relatively warm but short. On the most severe winter days in Lapland can see the temperature fall to −45 °C (−49 °F). The winter of
9605-464: The late 1990s was fuelled by the success of mobile phone manufacturer Nokia . The Finnish people elected Tarja Halonen in the 2000 Presidential election , making her the first female President of Finland. Her predecessor, President Martti Ahtisaari , later won the Nobel Peace Prize in 2008. Financial crises paralysed Finland's exports in 2008, leading to weaker economic growth throughout
9718-626: The laws passed by the Finnish parliament. The desire for independence gained ground, first among radical liberals and socialists , partly driven by a declaration called the February Manifesto by the last tsar of the Russian Empire, Nicholas II , on 15 February 1899. After the February Revolution of 1917, Finland's position as a Grand Duchy under the rule of the Russian Empire was questioned. The Finnish parliament , controlled by
9831-446: The moderating effects of the Baltic Sea and numerous inland lakes to explain the unusually warm climate compared with other regions that share the same latitude , such as Alaska , Siberia , and southern Greenland . Winters in southern Finland (when mean daily temperature remains below 0 °C or 32 °F) are usually about 100 days long, and in the inland the snow typically covers the land from about late November to April, and on
9944-408: The north lasts for about 200 days with permanent snow cover from about mid-October to early May. Summers in the north are quite short, only two to three months, but can still see maximum daily temperatures above 25 °C (77 °F) during heat waves. No part of Finland has Arctic tundra , but Alpine tundra can be found at the fells Lapland. Eurozone The euro area , commonly called
10057-536: The north of Lapland. On the southwestern coast, south of the Helsinki- Rauma line, forests are characterized by mixed forests, that are more typical in the Baltic region. In the extreme north of Finland, near the tree line and Arctic Ocean, Montane Birch forests are common. Finland had a 2018 Forest Landscape Integrity Index mean score of 5.08/10, ranking it 109th globally out of 172 countries. Similarly, Finland has
10170-525: The northernmost province. The name Suomi ( Finnish for 'Finland') has uncertain origins, but a common etymology with saame (the Sami) has been suggested. In the earliest historical sources, from the 12th and 13th centuries, the term Finland refers to the coastal region around Turku . This region later became known as Finland Proper in distinction from the country name Finland. (See also Etymology of Finns .) The 12th and 13th centuries were
10283-471: The old sea bottom turns little by little into dry land: the surface area of the country is expanding by about 7 square kilometres (2.7 sq mi) annually. Relatively speaking, Finland is rising from the sea. The landscape is covered mostly by coniferous taiga forests and fens , with little cultivated land. Of the total area, 10% is lakes, rivers, and ponds, and 78% is forest. The forest consists of pine , spruce , birch , and other species. Finland
10396-537: The population, making it one of the worst famines in European history. The famine led the Russian Empire to relax financial regulations, and investment increased in the following decades. Economic development was rapid. The gross domestic product (GDP) per capita was still half of that of the United States and a third of that of Britain. From 1869 to 1917, the Russian Empire pursued a policy of Russification , which
10509-485: The proportion of the population with capital. About 70% of the workforce was employed in agriculture and 10% in industry. The Soviet Union launched the Winter War on 30 November 1939 to annex Finland in accordance with the Molotov-Ribbentrop Pact with Nazi Germany to divide Europe into spheres of influence between the two dictatorships. The Finnish Democratic Republic was set up by Joseph Stalin at
10622-511: The proposal of Count Per Brahe in 1640. The Finns reaped a reputation in the Thirty Years' War (1618–1648) as a well-trained cavalrymen called " Hakkapeliitta ". Finland suffered a severe famine in 1695–1697 , during which about one third of the Finnish population died, and a devastating plague a few years later . In the 18th century, wars between Sweden and Russia twice led to the occupation of Finland by Russian forces, times known to
10735-602: The publication of what would become Finland's national epic , the Kalevala , in 1835 and the legal equality of the Finnish language with Swedish in 1892. In the spirit of Adolf Ivar Arwidsson - "we are not Swedes, we do not want to become Russians, so let us be Finns" - a Finnish national identity was established. Nevertheless, there was no real independence movement in Finland until the early 20th century. The Finnish famine of 1866–1868 occurred after freezing temperatures in early September devastated crops and killed around 15% of
10848-493: The relevant Treaties, the current status being "the best way going forward to increase the resilience of euro area Member States to potential economic and financial crises. The European Central Bank , responding to a question by a Member of the European Parliament , has stated that an exit is not allowed under the Treaties. Likewise there is no provision for a state to be expelled from the euro. Some, however, including
10961-570: The right-wing parties and the Social Democratic Party, were deeply divided. The October Revolution in Russia changed the geopolitical situation once again. Suddenly the right-wing parties in Finland began to reconsider their decision to block the transfer of supreme executive power from the Russian government to Finland when the Bolsheviks came to power in Russia. The right-wing government, led by Prime Minister P. E. Svinhufvud , presented
11074-454: The so-called second crusade to Finland , in 1249 against Tavastians and the third crusade to Finland in 1293 against the Karelians. The so-called first crusade to Finland , possibly in 1155, most likely never occurred. As a result of the crusades (mostly with the second crusade led by Birger Jarl ) and the colonization of some Finnish coastal areas with Christian Swedish population during
11187-471: The summer of 1944 led to a breakthrough until the Finns finally repulsed it at Tali-Ihantala . This partial Soviet success led to a stalemate and later an armistice . This was followed by the Lapland War of 1944–1945, when Finland fought retreating German forces in northern Finland. The Armistice and treaty signed with the Soviet Union in 1944 and 1948 included Finnish obligations, restraints, and reparations, as well as further territorial concessions. As
11300-479: The war as the only European country to have taken part in hostilities that was never occupied and managed to preserve its democracy throughout. For a few decades after 1944, the Communists were a strong political party. Furthermore, the Soviet Union persuaded Finland to refuse Marshall Plan aid. However, in the hope of preserving Finland's independence, the United States provided secret development aid and supported
11413-493: The white government continued in exile in Vaasa . This led to a short but bitter civil war . The Whites , backed by Imperial Germany , prevailed over the Reds and their self-proclaimed Finnish Socialist Workers' Republic . After the war, tens of thousands of Reds were interned in camps where thousands were executed or died of malnutrition and disease. A deep social and political enmity
11526-526: The whole of Finland lies in the boreal zone , characterized by warm summers and freezing winters. Within the country, the temperateness varies considerably between the southern coastal regions and the extreme north, showing characteristics of both a maritime and a continental climate . Finland is near enough to the Atlantic Ocean to be continuously warmed by the Gulf Stream . The Gulf Stream combines with
11639-412: The world including eurozone as a single entity, by nominal GDP (2020) at their peak level of GDP in billions US$ . The values for EU members that are not also eurozone members are listed both separately and as part of the EU. HICP figures from the ECB, overall index: Interest rates for the eurozone, set by the ECB since 1999. Levels are in percentages per annum. Between June 2000 and October 2008,
11752-487: Was born with its first 11 member states on 1 January 1999. The first enlargement of the eurozone , to Greece, took place on 1 January 2001, one year before the euro physically entered into circulation. The next enlargements were to states which joined the EU in 2004 , and then joined the eurozone on 1 January of the year noted: Slovenia in 2007, Cyprus in 2008, Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014, and Lithuania in 2015. Croatia, which acceded to
11865-448: Was established in 1920 by the Treaty of Tartu , which largely followed the historical border but gave Finland Pechenga ( Finnish : Petsamo ) and its Barents Sea port. Finnish democracy survived Soviet coup attempts and the anti-communist Lapua movement . In 1917 there were three million people in the country. After the civil war, a credit-based land reform was introduced, increasing
11978-481: Was finally reached on a controversial proposal for member states to peer review each other's budgets prior to their presentation to national parliaments . Although showing the entire budget to each other was opposed by Germany, Sweden and the UK, each government would present to their peers and the Commission their estimates for growth, inflation, revenue and expenditure levels six months before they go to national parliaments. If
12091-511: Was first settled around 9000 BC after the last Ice Age . During the Stone Age , various cultures emerged, distinguished by different styles of ceramics. The Bronze Age and Iron Ages were marked by contacts with other cultures in Fennoscandia and the Baltic region . From the late 13th century, Finland became part of Sweden as a result of the Northern Crusades . In 1809, as a result of
12204-559: Was introduced. The arrival of the Corded Ware culture in Southern coastal Finland between 3000 and 2500 BC may have coincided with the start of agriculture. Even with the introduction of agriculture, hunting and fishing continued to be important parts of the subsistence economy. In the Bronze Age , permanent all-year-round cultivation and animal husbandry spread, but the cold climate slowed
12317-611: Was signed on 12 March 1940, and the war ended the following day. Finland had defended its independence, but ceded 9% of its territory to the Soviet Union. Hostilities resumed in June 1941 with the Continuation War , when Finland allied itself with Germany following the latter's invasion of the Soviet Union ; the main aim was to regain the territory lost to the Soviets barely a year earlier. Finnish troops occupied Eastern Karelia from 1941 to 1944. The massive Soviet Vyborg-Petrozavodsk offensive in
12430-568: Was sown between the Reds and the Whites that would last until the Winter War and beyond. The civil war and the activist expeditions to Soviet Russia in 1918–1920, known as the " Kinship Wars ", strained relations with the East. After a brief experiment with monarchy , when an attempt to make Prince Frederick Charles of Hesse the king of Finland failed, a republican constitution was adopted and Finland became
12543-491: Was still widely spoken, the Finnish language began to gain recognition during this period. From the 1860s, a strong Finnish nationalist movement , known as the Fennoman movement , grew. One of the movement's most prominent leaders was the philosopher and politician J.V. Snellman , who worked to stabilise the status of the Finnish language and its own currency, the Finnish markka , in the Grand Duchy of Finland. Milestones included
12656-411: Was suspended between 1905 and 1908. In 1906, universal suffrage was introduced in the Grand Duchy of Finland. However, relations between the Grand Duchy of Finland and the Russian Empire soured when the Russian government began to take steps to restrict Finland's special status and autonomy. For example, universal suffrage was virtually meaningless in practice, as the tsar did not have to approve any of
12769-576: Was the 15th highest in the world. During the 1970s and 1980s, Finland built one of the most extensive welfare states in the world. Finland negotiated a treaty with the European Economic Community (EEC, a forerunner of the European Union) that largely eliminated tariffs with the EEC from 1977. Miscalculated macroeconomic decisions, a banking crisis , the collapse of its largest trading partner,
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