Most advanced economies face large future fiscal challenges because of an ageing population. This applies also to the Nordics where generous welfare systems are likely to aggravate the problems. Serious attempts are made in all Nordic countries to analyse the long-run sustainability of fiscal policy.
The countries have strict fiscal frameworks in order to guarantee responsible fiscal policy. An important objective is to secure fiscal room of manoeuvre in crises like the current one. All Nordic countries except Norway have established independent fiscal councils to monitor fiscal policy.
In the webinar, a new report, commissioned by the Nordic Council of Ministers and written by Lars Calmfors, will be presented and discussed. The report reviews and compares the fiscal frameworks in the Nordic countries. It analyses the methods for judging fiscal sustainability and evaluates the sustainability analyses made by ministries of finance and other institutions. The aim of the report is that the various Nordic countries should be able to learn from each other in this field.
9.30-9.35 Introduction: Harry Flam, Fiscal Policy Council and Stockholm University (moderator)
9.35-9.40 Background to the project: Anders Hedberg, Nordic Council of Ministers
9.40-10.10 Presentation of the report: Lars Calmfors, Research Institute of Industrial Economics and Stockholm University
10.10-10.50 Panel discussion: A Nordic Perspective on fiscal frameworks and fiscal sustainability: Carl-Johan Dalgaard, Danish Economic Councils and University of Copenhagen; Yngvar Dyvi, Norwegian Ministry of Finance; Jouko Vilmunen, Finnish Economic Policy Council and University of Turku; Lars Calmfors, Research Institute of Industrial Economics and Stockholm University
10.50-11.30 Panel discussion: The fiscal framework and fiscal sustainability in Sweden: Göran Hjelm, National Institute of Economic Research; Pär Österholm, Swedish Fiscal Policy Council and Örebro University; Lars Calmfors, Research Institute of Industrial Economics and Stockholm University