If policies continue on the path of structural expenditure restraint and lasting improvement in fiscal balances, Germany could become a fiscal role model in the euro area and would be well prepared for fiscal challenges in the short and long run.
Public finances and the balance of payments continue to show sound surpluses. Danmarks Nationalbank has therefore characterised the Danish economy as “robust”. This can be interpreted in two ways, and both are of relevance to the current situation. Robust can either be used to describe an overall favourable macroeconomic balance.