Techniques for fitting multi language labels on forms

I am in the middle of a situation, I am building a multi language website on ExtJS, where I have covered all the technical aspects of the multi language aspect.

My question is about how do you guys would deal with different string lengths. Lets say I design a 160px space for an specific label. That label is 120px long on Spanish, so everything ok with that; but that same label is 200px on Finnish; what would you do? trim that string? expand the original 160px space? What if we are talking about a form with several columns?

Thanks!