The International Monetary Fund doesn’t want to see another financial crisis — and as a result its keeping a close eye on countries in Europe — adding a few to its list recently. According to Reuters, the IMF has just added Norway, Poland, Denmark, and Finland to the list of countries in Europe that must undergo scheduled check-ins for their economic progress and conditions.
“The financial sectors of these jurisdictions are highly interconnected, not just with each other, but also with other major financial centers. This makes them central nodes in the global financial network and important for global systemic stability,” said the IMF, according to Reuters. In 2010, the IMF picked twenty-five other countries to monitor financially, and the most recent additions are meant to combat the extended debt concerns continuing in the eurozone.
The IMF also announced a change to it’s strategy, saying that rather than looking solely at individual countries it would examine relationships between countries as well in it’s examination of economic health. It will examine influence each country has on its fellows as well.
According to Reuters, the executive board of the International Monetary Fund views the change to its system in a positive light, but notes that some countries may be excluded, and that there is some worry over how time will be allocated with a greater number of countries to look into.
Finland, which was among the four countries added to the IMF’s list, has been suffering set backs in recovery more so as of late. It remains one of the countries still sitting pretty with a AAA economic rating, but it’s beginning to show some signs of slow growth and industry limitations. Finland is also overflowing on the European Union’s debt stipulations. On top of high national debt, Finland is facing job losses, helping explain the need for greater care with regards to its neighboring countries.