Chaired by the Prime Minister, the Economic Council of Finland is a body for facilitating cooperation between the Government, the Bank of Finland and major interest groups. It discusses economic and social policy issues of key importance for Finland’s prosperity.
The Economic Council works to maintain situational awareness about the economy and to strengthen and deepen broad-based, analytical discussion prior to economic policy decisions related to the growth, balance and structure of the economy.
The Economic Council also acts as a forum for dialogue between the Government, the Bank of Finland and interest groups concerning the monetary policy of the European Central Bank. The council engages in cooperation with the economic councils of the other European Union Member States.
The activities of the Economic Council are based on the Act and Decree on the Economic Council, which define its tasks as follows:
- to examine the state and structure of Finland’s economy and economic operating environment, to explore trends in economic development and to assess economic policy based on studies and reports;
- to discuss ways to advance balanced economic development at the national and EU levels, taking into account growth in production, employment, fiscal balance and income distribution between individuals, regions and generations;
- to disseminate information on the single monetary policy in the euro area;
- to promote broader discussion in society on issues falling within its mandate; and
- to engage in international cooperation in its field, especially with the European Economic and Social Committee and with similar national councils abroad.
As a rule, the Economic Council meets once a month, except during the summer months. Studies and reports compiled for the Economic Council, together with presentations given by experts in the field, provide the basis for discussion at meetings. The Economic Council’s discussions are confidential.
The Economic Council is appointed for the duration of the government term. The term of the ministerial members of the council is limited to the duration of their terms as ministers.
Composition and Secretariat of the Economic Council
In addition to the Prime Minister, the Economic Council has 11–21 members appointed by the Government. Some Council members are also members of the Government.
Economic Council meetings
The Economic Council usually meets once a month. Studies and reports compiled for the Economic Council, together with presentations given by experts in the field, provide the basis for discussion at meetings.