Progress on a wide range of issues at informal ECOFIN in Göteborg
At the informal ECOFIN meeting in Göteborg on 1-2 October, EU finance ministers had useful discussions on a number of topics: fiscal exit strategies, financial stability and supervision, measures against climate change, and the employment situation in Europe.
Nordic countries sign agreements on credits to Iceland of 1.775 billion euro
Loan agreements have today been signed between Iceland and Denmark, Finland and Sweden respectively, and between Seðlabanki Íslands, guaranteed by Iceland and Norges Bank, guaranteed by Norway. Under the agreements the Nordic lenders stand ready to provide Iceland with total credits of 1.775 billion euro.
Borg and Kovács meet before the Swedish EU Presidency
At a meeting today in Stockholm, Swedish Minister for Finance Anders Borg and the EU Commissioner for Taxes and Customs Union, László Kovács, discussed tax priorities before the forthcoming Swedish EU Presidency.
The main tasks for Sweden's EU presidency
When Sweden takes over the EU presidency next month, the economic and financial affairs of Europe will be among our top priorities, writes Swedish prime minister Fredrik Reinfeldt and finance minister Anders Borg in an article in Financial Times today. Our first economic objective will be to manage the EU's efforts to combat the downturn.
Minister for Finance Anders Borg comments on the situation in Latvia
- It is urgent to underline the importance of continuing to manage the deficit in the public finances, says Minister for Finance Anders Borg when commenting on the situation in Latvia in a press release today.
Baltic Sea ministers meet on financial crisis
The finance ministers of the Baltic Sea countries met in Mariefred today to discuss the financial crisis and how their countries will work to achieve results at the climate negotiations in Copenhagen in the autumn.
Proposal on stability fees for banks submitted to Council on Legislation
The Government proposes that banks and other credit institutions pay a fee to finance the stability fund that can be drawn on to cope with financial crises. The Government also proposes that government guarantees to savers with deposits in Swedish branches of foreign institutions be financed via the stability fund. The proposal is being referred to the Council on Legislation today for consideration.
New green cars to be exempted from vehicle tax
Green cars will be exempted from vehicle tax for five years, while vehicle tax will be raised by SEK 5 per gram of carbon dioxide a car emits. The vehicle tax on heavy goods vehicles and large buses will be lowered and the energy tax on diesel raised by SEK 0.40 per litre by 2013. These are some of the proposed economic policy instruments that the Government will present in its energy and climate bill.
Government action in response to the economic downturn
The Government has presented a raft of measures to counter the effects of the economic downturn in the wake of the international financial crisis. Today the Government is submitting a bill to the Riksdag setting out the proposals - worth a total of SEK 8.4 billion - that were announced at the beginning of December. The bill also contains a forecast for the Swedish economy and public finances.
In addition, the Government is referring a proposal to the Council on Legislation to allow employers to defer up to two months of tax payments for a year. The purpose of this measure is to reduce the liquidity problems faced by companies as a result of the borrowing situation in the financial market.
The links below lead to related publications and more information.
Anders Borg on Latvia December 10, 2008
- The Latvian Government has been working with the IMF to design a program for restructuring the Latvian economy.
- The Nordic and Baltic countries are cooperating closely with Latvia. This morning, the program was discussed at a meeting in Stockholm among the finance ministers and other representatives of the Nordic and Baltic countries and representatives of the IMF, the European Commission and the ECB.
- There are severe problems in Latvia's economy. The Nordic and Baltic countries strongly support the substantial progress that has been made in the discussions about the program. The fiscal restructuring foreseen in the program is one of the most credible we have seen. We are looking forward to its implementation.
- We strongly support Latvia's ambition to stick to the exchange rate peg. We believe that the strong program makes the peg fully credible.
- A process in under way to secure financing of the program. The plan is to finalise it before Christmas. Many parties are involved, including the IMF, the World Bank, the Commission and the Nordic Countries. Everybody involved needs to go an extra mile to support Latvia.
