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Finnish Parliament Wants Monetary Union Goals Subjected to Vote

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Dec. 13 (Bloomberg) -- Finland’s parliament called on the government of Prime Minister Jyrki Katainen to bring proposals for the future of the monetary union to a lawmaker vote.

The government should present a report on the European Monetary Union’s long-term development targets to the parliament, allowing lawmakers to pass or reject the proposals, the parliament’s Grand Committee said today in an e-mailed statement. Katainen’s six-party coalition has the backing of 124 lawmakers of the assembly’s 200.

“Developing the EMU isn’t just a question of economic policy,” Miapetra Kumpula-Natri, who chairs the committee, said in the statement. “Economic policy must have a democratic mandate.”

Finland, one of the four AAA rated euro nations, opposes joint borrowing by the 17 member states and has called for fiscal discipline as the euro area endures a fourth year of crisis. The deal by European Union finance ministers on banking supervision is a “decisive step” toward breaking the link between banks and governments, Katainen said.

“I will push for all reforms that build a strong EMU based on the original no-bail out idea,” Katainen said in a separate statement. “Steps that lead to a transfer union with joint liabilities would make the EMU weaker, not stronger.”

To contact the reporter on this story: Kasper Viita in Helsinki at kviita1@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net

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