The co-operation lays the foundation for promoting Nordic interests at international level, and for more comprehensive global economic integration, both between the Nordic countries and between the Nordic Region and the rest of Europe.

Nordic inter-governmental co-operation on the economy and finance is headed up by the Council of Ministers for Finance.

The Council of Ministers meets twice a year to discuss and make joint decisions in areas where Nordic co-operation generates greater value than can be achieved by the individual countries on their own – this is known as Nordic synergy.

The Committee of Senior Officials for Finance (EK-Finans), which consists of representatives of all of the countries and the Faroe Islands, Greenland and Åland meets at least five times a year. It takes care of the practical work and preparations for meetings of the council of ministers. The representatives come from the ministries of finance in the respective countries or areas.

The Nordic Council of Ministers' Secretariat in Copenhagen, Denmark, is responsible for the day-to-day running of Nordic inter-governmental co-operation and prepares the questions discussed at meetings of councils of ministers and committees of senior officials. The Secretariat also takes responsibility for the implementation of decisions made by the relevant authorities.

Financial support is provided to various instruments in order to achieve these goals, e.g. via working groups, seminars, conferences and a variety of studies. Specially drafted guidelines govern the allocation of funding.

EU issues are afforded high priority within Nordic co-operation. This is reflected in the systematic consultation and co-operation on EU issues in the financial and economic sectors.

Several EU-related questions that fall under the auspices of the ECOFIN Council (Economic and Financial Affairs Council) look set to become highly topical.

The priorities of the Council of Ministers for Finance under the Norwegian Presidency

During its Presidency Norway will attach importance to:

• Further development of the Nordic welfare societies.

• A balanced and sustainable growth in the Nordic economies, where high employment and low unemployment are key objectives.

These priorities will require continued active Nordic dialogue on, among other things, economic policy, economic monitoring, budget issues, structural issues, taxation, and regulations for the financial sector.

Information exchange and discussion of EU issues in the economic and financial sphere will continue to be an important theme in the Nordic finance ministerial meetings. Co-operation should also contribute to ensuring that the implementation of directives and other EU/EEA acts is as similar as possible.

The Presidency's priorities also include a number of collaboration activities which have been already been set up:

Preventing tax evasion

With the aim of following up on the OECD's work to combat international tax evasion the Nordic countries decided in June 2006 to begin negotiations with financial offshore centres. The project has been a success. In the autumn of 2010 an assessment of the added value of continuing the project into 2011 was carried out by the steering committee. In light of this assessment it was decided the project will continue until June 2012.

Freedom of movement

Work on promoting cross-border freedom of movement in the Nordic Region continues to be prioritised in the finance area. This is an ongoing feature of Nordic co-operation, both via the Nordic tax portal and at bilateral level in the Region. Efforts to solve obstacles to freedom of movement have intensified in 2010 and 2011. The goal is to solve at least two areas of priority before 2012.

Nordic Economic Policy Review (NEPR)

The new journal Nordic Economic Policy Review which was first published in June 2010 is expected to be a priority for the Nordic Committee of Senior Officials for Finance (EK-Finans) in 2012, when the journal will continue to act as an inspiration for shaping economic policies. The journal will be evaluated at the end of 2011.

Working groups

Co-operation in this area is supported by a series of workshops such as:

• The Nordic Economic Group
• The Working Group on Environment and Economy
• The Nordic Taxation Authorities Group

These groups are expected to provide key input into the Committee of Senior Officials and the Council of Ministers.