{
  "title": "Nordic Regional Report: 2013 Cluster Consultation",
  "publication": "IMF Staff Country Reports, September 5, 2013",
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  "summary": "This paper examines 2013 Cluster Consultation—a Nordic Regional IMF staff report. Denmark, Finland, Norway, and Sweden that form the Nordic region share a set of strong economic and social institutions and policies, with emphasis on education, high income equality, high employment, innovative and competitive business environment, etc. The IMF report suggests that strong national financial sector policies and regional cooperation would help mitigate common challenges and shared risks. Cooperative regional policies, such as introducing binding macroprudential minima and clear ex ante burden-sharing arrangements are expected to help limit the costs from any large bank failures.",
  "publishDate": "2013-09-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This paper examines 2013 Cluster Consultation—a Nordic Regional IMF staff report.\n- Denmark, Finland, Norway, and Sweden that form the Nordic region share a set of strong economic and social institutions and policies, with emphasis on education, high income equality, high employment, innovative and competitive business environment, etc.\n- The IMF report suggests that strong national financial sector policies and regional cooperation would help mitigate common challenges and shared risks.\n- Cooperative regional policies, such as introducing binding macroprudential minima and clear ex ante burden-sharing arrangements are expected to help limit the costs from any large bank failures."
    },
    {
      "heading": "Major themes and findings",
      "content": "- Shared strengths across Nordic countries: education, high income equality, high employment, innovative and competitive business environment.\n- Financial sector focus:\n  - Importance of strong national financial sector policies.\n  - Benefits of regional cooperation to mitigate shared risks.\n  - Specific cooperative policy examples include introducing binding macroprudential minima and establishing clear ex ante burden-sharing arrangements.\n- Objective: limit costs from any large bank failures through combined national and regional policy measures."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Maintain and strengthen national financial sector policies tailored to each country’s circumstances.\n- Pursue regional cooperation mechanisms to address cross-border financial risks.\n- Implement binding macroprudential minima at the regional level.\n- Establish clear ex ante burden-sharing arrangements to contain fiscal and systemic costs from large bank failures."
    },
    {
      "heading": "Subject classifications and keywords",
      "content": "- Subject: Banking, Commercial banks, Financial crises, Financial institutions, Housing, Housing prices, Mortgages, National accounts, Prices\n- Keywords: authority, Baltics, bank, Commercial banks, country, covered bonds bond market, CR, debt, distressed bank, Global, host country decision, household debt, Housing, Housing prices, ISCR, Mortgages, risk weight\n\n---\n\n Content in this bundle\n\n- cr13274\n  - cr13274 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13274 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/nordic-regional-report-2013-cluster-consultation-40919"
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    "Published: September 5, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475589511.002",
    "This paper examines 2013 Cluster Consultation—a Nordic Regional IMF staff report.",
    "Denmark, Finland, Norway, and Sweden that form the Nordic region share a set of strong economic and social institutions and policies, with emphasis on education, high income equality, high employment, innovative and competitive business environment, etc.",
    "The IMF report suggests that strong national financial sector policies and regional cooperation would help mitigate common challenges and shared risks.",
    "Cooperative regional policies, such as introducing binding macroprudential minima and clear ex ante burden-sharing arrangements are expected to help limit the costs from any large bank failures.",
    "Shared strengths across Nordic countries: education, high income equality, high employment, innovative and competitive business environment.",
    "Financial sector focus:",
    "Objective: limit costs from any large bank failures through combined national and regional policy measures.",
    "Maintain and strengthen national financial sector policies tailored to each country’s circumstances.",
    "Pursue regional cooperation mechanisms to address cross-border financial risks.",
    "Implement binding macroprudential minima at the regional level.",
    "Establish clear ex ante burden-sharing arrangements to contain fiscal and systemic costs from large bank failures.",
    "Subject: Banking, Commercial banks, Financial crises, Financial institutions, Housing, Housing prices, Mortgages, National accounts, Prices",
    "Keywords: authority, Baltics, bank, Commercial banks, country, covered bonds bond market, CR, debt, distressed bank, Global, host country decision, household debt, Housing, Housing prices, ISCR, Mortgages, risk weight",
    "**_cr13274**"
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