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