The information provided to Parliament by the Ministry of Finance concerning the EU's financial stability arrangements has been correct in essential respects. In the audit it was examined whether Parliament has received correct, reliable, up-to-date and adequate information on European financial stability arrangements.
In different connections Parliament has requested up-to-date information on the financial crisis that began in autumn 2008 and subsequently evolved into the euro crisis as well as overall evaluations of Finland’s commitments and risks.
The goal of the audit was to examine whether Parliament has received correct, reliable, up-to-date and adequate information on European financial stability arrangements.
The audit found that the information provided of the documents under audited to Parliament by the Ministry of Finance concerning the EU’s financial stability arrangements has been correct in essential respects.
The Ministry of Finance has revised its information in official documents as the euro crisis has unfolded. With regard to technical details there are still some inaccuracies, but they do not weaken the reliability of the information. Furthermore, the picture given by the Ministry of Finance concerning Spain’s and Greece’s stability arrangements is correct. In contrast, the overall benefits of collateral for Finland remain partly unclear on the basis of the information that has been provided.
On the basis of the documents that have been submitted to it, Parliament has been given a rather narrow basis on which to discuss different options in the euro crisis. The National Audit Office considers that the Ministry of Finance should produce more comprehensive information on risks and liabilities linked to the EU’s financial stability arrangements.
The National Audit Office recommends that the Ministry of Finance consider together with Parliament operating models and means so that it can more systematically submit confidential written materials to Parliament to support decision-making.
The National Audit Office recommends that the Ministry of Finance strengthen quality assurance and internal control so as to ensure the ministry’s ability to produce adequate and reliable information for Parliament.
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