HELSINKI, Jan. 1 -- Finnish President Sauli Niinisto in his New Year's address on Monday deplored the modest role of the European Union in the world decision making.

He noted Finland supports the proposals of UN Secretary-General to reform the organisation. "Despite its shortcomings, the UN is an irreplaceable actor in promoting international peace and security." He also described as a gloomier note the blunt U.S. criticism of this global organisation.

Niinisto said Finland is active in supporting stability and dialogue in the Baltic Sea area, Arctic areas and also globally. "Finland's foreign and security policy situation is stable," he said, noting that Finland is committed to the implementation of the Paris Agreement and has just increased its international climate funding.

Commenting on the world economy, the Finnish president said tigther monetary policy is inevitable in the world at some stage and it will lead to a more challenging situation.

"The warning that abundant funding has been channelled into increased debts and asset values is well founded. Reasonable caution is now called for," he said.