Sustainability of Public Finances in Finland and the Four Largest Euro-area Economies

The paper analyses the sustainability of fiscal policy in the four largest countries of the EMU area and Finland with the aim of assessing whether current fiscal policies are compatible with the Stability and Growth Pact in the medium term. The sensitivity of the deficit and debt ratios to changes in the real interest rate and economic growth is also assessed. Moreover, since population ageing will cause an extra burden on public finances, the fiscal pressure of rising pension costs in the longer term is also investigated. The baseline calculations for the medium term suggest that fiscal policy is sustainable in all countries except perhaps France. However, highly indebted countries such as Italy are clearly more sensitive to changes in interest rates. The results indicate that there is little or no room for active fiscal policy. The room for manoeuvre is even more limited if one takes into account that tax rates most likely need to be lowered in many countries, especially in Finland and Italy, due to tax harmonisation and tax competition. Moreover, population ageing will impose pressures on public finances in the long run. Only Finland and Italy seem to be in a position to cope with increasing pension expenditures over the long run.public finance; sustainability; stability pact; tax competition; ageing; pensions

Responses of food web to hypolimnetic aeration in Lake Vesijärvi

We studied the responses of a food web, especially fish and zooplankton, to summertime aeration, pumping of oxygen-rich epilimnetic water to the hypolimnion in Lake Vesijärvi, southern Finland. The aim of hypolimnetic aeration was to reduce internal loading of phosphorus from sediment. The population of smelt (Osmerus eperlanus L.), the main planktivore of the pelagial area, collapsed during the two 1st years of aeration due to increased temperature and low oxygen concentrations in the hypolimnion. The population recovered after the 4th year of hypolimnetic aeration, when oxygen conditions were improved. Despite elevated hypolimnetic temperature, smelt reached exceptionally high abundance, which led to a significant reduction in cladoceran body size. The density of perch (Perca fluviatilis L.) increased at first, but then decreased when the proportion of smelt and cyprinids increased. Biomasses of Daphnia decreased probably as a result of the disappearance of dark, low-oxygen deep-water refuge against fish predation and low availability of nutritionally high-quality algae. Occasionally filamentous cyanobacteria, such as turbulence tolerant Planktothrix agardhii (Gomont), were abundant, suggesting deteriorated food resources for zooplankton. The responses of food web were controversial with respect to the aim of the management, which was to prevent the occurrence of harmful algal blooms.Peer reviewe

Oral Levosimendan Increases Cerebral Blood Flow Velocities in Patients with a History of Stroke or Transient Ischemic Attack: A Pilot Safety Study

Background: Intravenous levosimendan is indicated for acute heart failure. The compound has shown promising beneficial effects in ischemic stroke models. Objective: We evaluated the efficacy and safety of oral levosimendan in patients with a history of cerebral ischemia. Methods: In a randomized, double-blind, placebo-controlled, parallel-group study, 16 patients with a history of ischemic stroke/transient ischemic attack received oral levosimendan in 5 escalating doses from 0.125 to 2.0 mg daily for 18-day intervals of each dose; 5 patients received placebo. Twenty-four-hour ambulatory ECG and cerebral blood flow velocities using transcranial Doppler ultrasound were recorded at baseline and at the end of each dosing period. Vasomotor reactivity was assessed via the breath holding index. In addition, plasma levels of N-terminal-pro-B-type natriuretic peptide (NT-pro-BNP) and the metabolites of levosimendan were determined. Results: Levosimendan induced an increase in cerebral blood flow velocities and a decrease in NT-pro-BNP compared with placebo. There was no significant effect on breath holding index. Doses ≥0.5 mg increased heart rate by 5 to 9 beats/min. The dose level of 2.0 mg exceeded the preset safety margin of ventricular extrasystoles per hour (ie, upper 90% CI of the ratio of levosimendan to placebo above 2) with an estimate of 3.10 (90% CI, 0.95–10.07). Conclusions: Oral levosimendan increases cerebral blood flow velocities and diminishes NT-pro-BNP levels in patients with earlier ischemic cerebrovascular event. Daily doses up to 1.0 mg were well tolerated, whereas the 2.0 mg dose level induced an increase in ventricular extrasystoles. ClinicalTrials.gov identifier: NCT00698763