In March 2011, the Heads of State or Government agreed on a new Competitiveness Pact (the “Euro Plus Pact”). A total of 23 of the EU’s 27 Member States have joined the Pact, including Denmark.
The Pact implies that the participating countries agree on common overall goals to improve competitiveness, increase employment, and ensure fiscal sustainability and financial stability. Each Member State chooses specific measures to attain these goals and on an annual basis the Heads of State or Government will outline the chosen measures and the strategy to address the challenges within the four areas. Additionally, the Pact invites to a dialogue on tax policy between participating countries, including a focus on the fight against fraud and evasion and the possibility of a common corporate tax base.
Implementation of the Pact will be supported by the monitoring of significant indicators regarding unemployment, competitiveness, fiscal sustainability, etc.
It will be a priority for the Danish Presidency to ensure that the implementation of the Pact makes a substantial contribution towards a strong focus on specific economic and political challenges facing the individual participating Member State.