Chaired by the Prime Minister, the Economic Council of Finland is a body for facilitating co-operation between the Government, the Bank of Finland and major interest groups. It discusses economic and social issues of key importance to Finland’s prosperity.
The Economic Council aims to strengthen and deepen broad-based, analytical discussion prior to economic policy decisions relating to the growth, balance and structure of the economy.
Under a decision of Parliament, the Economic Council also acts as a forum for dialogue between the Government, social partners and the Bank of Finland concerning the monetary policy of the European Central Bank. The Council participates in co-operation among the economic and social councils of European Union Member States.
Issues discussed by the Economic Council relate to the following topics:
- Changes in Finland’s economic environment and the consequent challenges and difficulties in adjusting to these.
- Efficient use of national economic resources and ways of ensuring medium and long-term competitiveness.
- Growth and employment policy in the short and medium term.
- The public sector and division of welfare.
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. Discussions by the Council are confidential.
The Economic Council is appointed for the duration of a Government term. However, participation by Members of Government is limited to the duration of their ministerial term.