Finland's Europe Minister Alexander Stubb said that far from undermining the euro's credibility, the debt crisis has underscored the currency's durability.
Policy-makers have made the legal adjustments needed to help the euro survive the turmoil of the past three years and the currency bloc is now ready to absorb a further eight nations, he said. “The euro is irreversible in the sense that it’s the most stable currency Europe has ever seen. I don’t even contemplate the possibility of the euro breaking up in my lifetime. I see the euro including 24 to 25 Member States within a few years.” “In terms of legislation, we’re approaching the limit”, he said. “We’ve done what has been necessary: the two-pack, the six-pack, the fiscal compact, the banking union. We’ve done the European Stability Mechanism and before that the interim mechanism.”
His expression of Finnish commitment to the euro area follows the nation’s efforts to protect itself against losses stemming from bailouts. Finland was the only nation to demand collateral in exchange for its contribution to Greece’s second bailout and for aid to Spain. The northern-most euro member has also consistently argued against joint bond issuance in the bloc. The road out of the crisis now depends on national governments delivering on budget promises and generating growth in their economies.
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