Denmark’s Convergence Programme 2008

02-02-2009

Denmark's Convergence Programme 2008 (KP08) was sent to the EU on 8. December. Denmark's Convergence Programme has been prepared in accordance with the rules in the EU's Stability and Growth Pact. Convergence Programme 2008 is an update of the 2015-plan from august 2007 and is based (among other things) on the economic outlook in Economic Survey, December 2008. Convergence Programme 2008 outlines the overall fiscal policy objectives and priorities towards 2015. The Convergence Programme projection is broadly on track wrt. the objectives regarding fiscal sustainability and structural surpluses or balance towards 2015, even though conditions have become more difficult in light of notably, the global financial crisis. Complying with the objectives of fiscal sustainability and budget balance requires - as in the 2015-plan - that structural reforms are undertaken to increase employment by 20,000 persons and to counter an underlying declining tendency in average working hours towards 2015.