There are now signs that the international financial and economic crisis has hit bottom and the Nordic economies are moving forward again. The crisis has raised a number of major challenges for economic policy now and in the years to come, not least for Iceland.

"The Nordic neighbouring countries and the autonomous territories support the Icelandic government in its efforts for economic recovery, amongst other things, through the implementation of the IMF programme and honouring its international commitments", says Denmark's minister of finance, Claus Hjort Frederiksen, about the Nordic ministerial meeting in Copenhagen.

The Nordic countries' common challenges are especially to secure exit from the extraordinary fiscal, financial and structural measures set up during the crisis. The challenges vary, but the most common challenge is to strengthen public finances following the large fiscal relief during the crisis. The finance ministers agree on the importance of reducing the deficit in public finances in the next few years, to restore structural balance or surplus over the medium term and ensure long-term fiscal sustainability. The ministers also emphasise that the management of the overall challenges continues to involve launching initiatives to strengthen growth and employment and thus also public finances.

A new Nordic journal, Economic Policy Review (NEPR), has been launched with the aim of illustrating economic policy issues in a Nordic perspective, and disseminating the discussion of current economic policy. The first issue will be published in June 2010 entitled Fiscal Consequences of the Crisis. A series of the magazine's articles were presented to the Nordic Council of Minsters for Finance with the aim of providing inspiration for the preparation of economic policies.

Further information:
Ola Yndeheim, Senior Adviser, Finance, Nordic Council of Ministers.
oy@norden.org +45 21 71 71 16

Mats Holmström, Senior Adviser, Communication Dept., Nordic Council of Ministers.
maho@norden.org Tel: +45 21 71 71 53