Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.

International cooperation

Status of fiscal policy in the EU

The global economic crisis and active fiscal stimulation led to a substantial weakening of public finances in EU member states. Almost all member states posted budget deficits exceeding the Stability and Growth Pact’s limit of 3 per cent of the gross domestic product, GDP. As a result, the member states became subject to the EU’s excessive deficit procedure and received recommendations to correct their government deficits. Denmark was among the member states with the strongest fiscal accommodation, but still received one of the mildest recommendations. This should be viewed in light of the favourable position of the public finances at the onset of the crisis. The recommendations have contributed to marked fiscal consolidation in the EU, and many member states are no longer in the excessive deficit procedure. Since Denmark has observed its recommendation, the excessive deficit procedure was abrogated for Denmark – together with five other member states – in June.