20 Euro (Ilmari Tapiovaara) – Finland

In 2014, Finland's currency situation was defined by its steadfast membership in the Eurozone, using the euro (€) as its sole legal tender since 2002. The country was not facing a domestic currency crisis, but rather navigating significant economic challenges within the common currency framework. These challenges were pronounced, as Finland was grappling with a triple shock: the decline of its flagship Nokia-led technology sector, structural problems in the traditional forestry and paper industry, and the economic repercussions of Western sanctions on Russia, a key trading partner. This led to a period of stagnant growth, rising public debt, and a loss of competitiveness relative to other Eurozone members, a situation often referred to as the "Finnish disease."

The euro's performance in 2014 provided a mixed backdrop. The European Central Bank (ECB), under President Mario Draghi, was actively employing accommodative monetary policy, including historic low interest rates, to combat deflationary risks and stimulate the struggling Eurozone economy following the sovereign debt crisis. For Finland, this meant benefiting from a stable and credible currency, but also being subject to a monetary policy stance that was arguably too loose for its specific cyclical position, potentially exacerbating issues like household debt. Furthermore, the euro's exchange rate against major currencies was a point of focus for export-oriented Finnish industries.

Domestically, there was no serious political movement to abandon the euro, as it was seen as integral to Finland's European identity and provided stability. However, the difficult economic climate fueled a broader debate about the country's future within the monetary union. Discussions centered on the need for profound structural reforms, fiscal consolidation, and improving cost competitiveness, as devaluation was not an option. Thus, Finland's 2014 currency situation was one of institutional stability with the euro, but set against a tense economic reality that tested the advantages and constraints of sharing a common currency during asymmetric national downturns.