The Nordic countries looked for common solutions to their trade with the European Continent. Norway rejected the EU in a referendum. The biggest repercussions of the new situation are likely to be greatest in the traditionally strict Nordic policy regarding alcohol. Sweden and Finland have had to and will have to adapt a more permissive approach. In Europe, the need to fulfil EMU criteria is likely to result in tightened economic policies in a number of countries.
European economies are in reasonably good shape and in Asia there are some bright spots.
Russia is a problem for Finland, but also a business opportunity once some degree of order is brought to the Russian economy. In Finland drastic austerity measures have been taken and the country was among the first group of EU Member States to adopt the euro. EMU will remove, in principle, the possibility of individual countries tampering with foreign exchange rates. Industry will have to adapt to situations and succeed through other means. Commitment to the EMU framework also implies an intelligent and disciplined economic policy.