This Selected Issues paper elaborates findings and discussions of 2013 Cluster Consultation Nordic Regional report. The countries have close economic and financial ties and face some common challenges and shared risks, such as large banking sectors and high household debt. The economic performance of the four continental Nordic economies (Denmark, Finland, Norway, and Sweden—Nordic-4) ranks among the advanced economic development circle. It is analyzed that the large Nordic banking systems support relatively high levels of private sector debt. House price developments in the Nordic-4 pose a risk to broader macroeconomic stability in the context of strained household balance sheets.

This Selected Issues paper elaborates findings and discussions of 2013 Cluster Consultation Nordic Regional report. The countries have close economic and financial ties and face some common challenges and shared risks, such as large banking sectors and high household debt. The economic performance of the four continental Nordic economies (Denmark, Finland, Norway, and Sweden—Nordic-4) ranks among the advanced economic development circle. It is analyzed that the large Nordic banking systems support relatively high levels of private sector debt. House price developments in the Nordic-4 pose a risk to broader macroeconomic stability in the context of strained household balance sheets.

Available online: https://pub.norden.org/politiknord2021-727/ Our Vision 2030 seeks to make the Nordic Region the most sustainable and integrated region in the world by 2030. When pursuing such an ambitious goal, it is important to monitor progress closely and regularly. The Nordic Council of Ministers commissioned Rambøll Management Consulting to draw up a baseline measurement for Our Vision and paint a picture of where the Nordic Region stands now. While the report shows that the foundations for the work are solid and progress generally good, it also identifies a number of challenges and points out where there is room for improvement, especially in terms of the green transition.

Available online: https://pub.norden.org/politiknord2023-728/ Our Vision 2030 describes what it will take to make the Nordic Region the most sustainable and integrated region in the world. The sheer ambition makes it important to monitor progress closely. To this end, the Nordic Council of Ministers commissioned Rambøll Management Consulting to conduct baseline measurements back in 2021. The idea was to map out the starting point for work on the vision. This status report follows up on the baseline measurements and assesses progress towards realising the vision. It is based on the 45 indicators adopted by the Nordic Council of Ministers in 2021 and the methodology used for the baseline report. Overall, the 2023 status report shows that the Nordic Region remains on track to become the most sustainable and integrated region in the world. This is particularly true for the visions of a competitive Nordic Region and a socially sustainable Nordic Region. However, there is room for improvement with regard to the visions for a green Nordic Region.

We often hear that the Nordic countries are at the top of one international index or another. International indices are lists ranking countries in a variety ofdifferent areas, such as inhabitants’ happiness or economic competitiveness. The number of indices and the attention they attract have increased markedlyin recent years, acquiring a significant degree of authority and legitimacy. Consequently the Nordic Council of Ministers’ policy analysis unit has studiedhow the Nordic Region would be ranked in some selected international indices if the region were one country. The indices we have looked at show that life in the Nordic Region is good. The region’s inhabitants are among the most prosperous in the world. There isconsiderable freedom of the press, and the region is one of the world’s least corrupt. Men and women enjoy greater equality than anywhere else on theplanet. And the region’s inhabitants are among the world’s happiest. That said, there is no certainty that the Nordic Region will retain its good rankings in theseindices. Like all other countries, the Nordic countries face major challenges in the years ahead. In order for life in the Nordic Region to remain good, the countriesmust maintain the mechanisms that support a high level of social capital, effective governance, and relatively egalitarian and equal societies. This report is written by the Nordic Council of Ministers' policy analysis unit. The report series will highlight relevant topics that are central from a Nordicperspective. This is the second report in the series. The first was ”Trust – the Nordic Gold”, which was published in spring 2017.