In 1993 SDP chairman Ulf Sundqvist was suspected and later convicted of a large financial fraud. Lipponen was elected the new chairman in 1993, and he led the party to victory in the parliamentary election of 1995. Lipponen formed a cabinet of five parties including both rightist and leftist parties. Lipponen's economic policies were, however, dominated by the right-wing. The main task of the cabinet was to decrease the number of unemployed. Tight fiscal policies allowed the participation of Finland in the European Monetary Union, which resulted in the introduction of the Euro in 1999. Foreign trade increased above the European average 1995–1999. Laws for a new constitution were passed and it took effect on 1 March 2000.