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The future of Nordic cooperation in the enlarged EU. Is the Nordic Concept a relic

A Nordic feeling?. Nordic history. 1500

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The future of Nordic cooperation in the enlarged EU. Is the Nordic Concept a relic

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    1. The future of Nordic cooperation in the enlarged EU. Is the Nordic Concept a relic? Hans Jeppson Vice President Stockholm Chamber of Commerce

    4. Nordic history 1500´s: The meaning of countries (not nations) 1800 of ´s The romantic notion and the real building of nations Nordic kinship and friendship hailed Late 1800´s Nordic cross border entrepreneurship and investments 1920´s & 30`s: Speeches but protectionism 1950´s Political institutional cooperation Common labour market 1980´s Corporate acquisitions in other Nordic Countries 1990´s Nordic corporate mergers

    5. Example: Nordic electricity market An integrated market for electricity Trading system But different taxation and energy policy Model for EU electricity market directive Technical considerations from 1912 onwards Market concept from 1990´s

    6. Company perspective Any commercial meaning in a Nordic Concept? Similar customers/consumers? Production base? Forestry Steel Corporate culture Quite different but yet …

    7. Size of markets

    8. Trade Gravity theory – proximity breeds trade Very true for Nordic countries - Nordic neighbours are the largest trading partners History, but large increase since 70`s Modernisation of Finnish and Danish industry More similar industrial structure + competitive market conditions actually increases trade

    9. Nordic or global corporations? ASEA became ABB… European, then North American adventure, then downsizing ….. Can Nordea merge with Austrian Erste Bank ? Can StoraEnso be bought by Georgia Pacific? No political protection High taxation of owners Pension funds not always patriotic Size is not profitability M & A exhausting - low rate of success

    10. On the slow side…

    11. Common dilemma High productivity – high wages Profits by moving production to low wage countries if production standardized All countries in OECD scramble for “brainy jobs” Enough world wide demand for high-tech services and special products Enough clever people – all Nordics are not smart enough to become PhD´s Demography not the big problem Immigration is not a solution rather a problem but perhaps a PhD´ injection

    13. Routes for political cooperation Nordic or Baltic? Nordic council now meets with 3 Baltic! Baltic Sea States Council is “Non-functional Nordic likeminded group in EU? Similar societal models Not a good track record so far “Enhanced cooperation” among Nordic countries?

    14. Barriers at Nordic borders Nordic Council of Ministers revitalisation attempt Schlüter group Internal market covers a lot Taxation Corporate taxation difficult Losses and transfer prices Personal tax: no real changes Computer program! Education Mutual recognition of exams Tried 1975 never worked Not even recognizable in a country Commercial vehicles Legal Metrology

    15. Conclusion? Nordic political institutions good but not very practical Nordic corporate cooperation probably fairly profitable but have to work in a global economy Nordic people to people contacts will remain strong Sharing a common culture

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