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Today Denmark has submitted its Convergence Programme 2009 to the EU. The Convergence Programme is prepared in accordance with the provisions of the EU’s Stability and Growth Pact.
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Due to the weakened cyclical conditions and discretionary fiscal policy initiated to support growth and employment a significant deterioration of the public finances is expected. The large general government surpluses in the latter years are thus expected to be followed by deficits.
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Today Budget Outlook 3 and Economic Survey, December 2009 will be available at www.fm.dk.
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Seeing that the central-government carries the interest rate risk on the financing of the subsidised housing that receives governmental debt service support, it is the intention to cover this risk in connection with the auctions of adjustable-rate mortgage bonds in December.
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The central government budget proposal for 2010 is presented today. The proposal includes substantial increases in public investments.
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The Ministry of Finance has published the August 2009 edition of its Economic Survey. The main points in the survey are:
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For 2008, the final account for the central government reflects a surplus on the current, investment and lending account, i.e. the CIL-account, of DKK 72¼bn. A deficit of DKK 21½bn is estimated for 2009, cf. Budget Outlook 1, May 2009.
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The Ministry of Finance has published the May 2009 edition of its Economic Survey.
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The Prime Minister Mr. Lars Løkke Rasmussen has today appointed Mr. Claus Hjort Frederiksen as the new Minister of Finance.
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Bulgaria, Estonia, Germany, and Lithuania agreed on the following declaration on the scope of reduced VAT rates at the ECODIN Council meeting on March 10, 2009
