The task of the Council is to assess the appropriateness of targets set for economic policy, the extent to which those targets have been met, the effectiveness of the policy measures employed, the coordination of various policy areas and how these tie in with other areas of public policy. The council weighs the success of economic policy with particular reference to economic growth and stability, employment and the long-term sustainability of public finances. In addition, the Council evaluates the quality of the forecasting and assessment methods used in the preparation of economic policy.
The Council’s main contribution is the publication of its annual report. As a rule, the Council does not comment on policy changes between reports on an ongoing basis, but councilors may participate in public debate by expressing their own views.
The Council’s assessments of economic policy are mainly based on the work and analysis done by the members of the Council and the secretary general. In addition, the Council draws on commissioned research and reports.
The Council is independent and composed of members of the academic community. Members of the Council are appointed by the Government based on a proposal by Finnish economics departments and the Academy of Finland.
The Council’s secretariat works within the VATT Institute for Economic Research, which also provides administrative support for the Council.
Jouko Vilmunen is Professor of Economics at University of Turku. Prior to this he has served as a research director at the Bank of Finland. His research focuses on macroeconomics and financial markets.
Hilde C. Bjørnland is Professor of Economics and Provost for Research and Academic Resources at BI Norwegian Business School. She is also scientific advisor to Norges Bank. She was a member of Swedish Fiscal Policy Council in 2014-2017. Her main research interests are in the areas of business cycles, macroeconomic policy and time series.
Johanna Niemi is the dean of the University of Helsinki Faculty of Law. She has previously been Professor of Law at the Universities of Turku and Umeå. Her research interests include the study of over-indebtedness.
Jukka Pirttilä is Professor in Public Economics at University of Helsinki. Prior to this he has served as professor at University of Tampere, and also as a member of the Economic Policy Council in 2016-2017. Pirttilä’s research involves issues related to public economics and development economics.
Seija Ilmakunnas is Professor of Practice of Economics at Jyväskylä University School of Business and Economics. She has worked as the director of Labour Institute for Economic Research and the director general of Government Institute for Economic Research.
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