It's officially illegal here.
Anyways, I'm not sure what to think about that. On the one hand, what kind of message that gives to a child? You're allowed to hit other if they're weaker and don't obey the rules you give? Can a parent who threatens you physically be safe anymore? Does physical inviolability pertain to kids too?
On the other hand I think spanking can really make you respect your parents, without all that questioning and playing with limits and rules and it can also be a pretty straight way to teach what's wrong and what isn't. I don't either know if previous, spanked generations are more violent than the current "spankless" ones and if the child can just understand that spanking is just parents' way to set some limits, not a general way to treat other people.
Anyways I think I wouldn't go for that myself. I still don't accept spoiling and so-called uncontrolled parenting, children need rules and discipline. If you can't go physical way, then you have to find other effective ways to limit your children.
"Ei oo, ei tuu, ei heru, eikä tipu
Tämä elo on kuin kivinen perunamaa
Ei oo, ei tuu, ei heru, eikä tipu
Sieltä ituisia perunoita aina vaan saan"
Stig - Perunamaa