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Europe > Faroe Islands

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Cover IMF Working Papers
Climate Mitigation Policy in Denmark: A Prototype for Other Countries
Nicoletta Batini
,
Ian W.H. Parry
, and
Mr. Philippe Wingender
Denmark has a highly ambitious goal of reducing greenhouse gas emissions 70 percent below 1990 levels by 2030. While there is general agreement that carbon pricing should be the centerpiece of Denmark’s mitigation strategy, pricing needs to be effective, address equity and leakage concerns, and be reinforced by additional measures at the sectoral level. The strategy Denmark develops can be a good prototype for others to follow. This paper discusses mechanisms to scale up domestic carbon pricing, compensate households, and possibly combine pricing with a border carbon adjustment. It also recommends the use of revenue-neutral feebate schemes to strengthen mitigation incentives, particularly for transportation and agriculture, fisheries and forestry, though these schemes could also be applied more widely.
Keywords:
Denmark climate mitigation; carbon pricing; feebate; revenue recycling; border carbon adjustment; transportation; agriculture.; WP; emission rate; EU ETS; emissions price; sliding scale; greenhouse gas; proxy emissions fee; Climate change; agriculture; energy price; mitigation target; nitrogen oxide emission; Carbon tax; Greenhouse gas emissions; Consumption; Global
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy Framework
International Monetary Fund. Monetary and Capital Markets Department
COVID-19 pandemic: The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic, so this Technical Note (TN) does not assess the impact of the crisis or the recent crisis-related policy measures. Nonetheless, given the FSAP’s focus on vulnerabilities and policy frameworks, the findings and recommendations of the TN remain pertinent. While Denmark’s institutional arrangements are uncommon, the authorities have undertaken several macroprudential measures since the last FSAP. The Minister for Industry, Business and Financial Affairs (MIBFA) has decision-making power over most macroprudential tools in Denmark, which is rare in international practice. However, the Systemic Risk Council (SRC), which includes members from the Danmarks Nationalbank (DN) and Danish Financial Supervisory Authority (DFSA) plays an advisory role and has powers to give recommendations with a comply or explain mechanism. In recent years, the authorities have taken wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities, which have seemed to slow down some of the riskier trends. More recently, in response to the Covid-19 crisis, countercyclical capital buffer (CCyB) has been fully released.
Keywords:
ISCR; CR; SRC secretariat; housing market; SRC chair; SRC meeting; SRC member; member institution; SRC ability; coordination role; risk weight; central bank; debt service; capital requirement; Systemic risk; Macroprudential policy; Housing prices; Systemic risk assessment; Mortgages; Europe; Baltics; Global
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Banking Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
COVID-19 pandemic: The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic, so this Technical Note (TN) does not assess the impact of the crisis or the recent crisis-related policy measures. Nonetheless, given the FSAP’s focus on vulnerabilities and policy frameworks, the findings and recommendations of the TN remain pertinent. The Danish Financial Supervisory Authority (DFSA) has improved standards in its oversight of banking and insurance sectors since the last FSAP. Nevertheless, risks persist, both in traditional forms, and new areas, such as cyber risk, AML, and innovative market entrants. This note, selects topics to meet evolving supervisory challenges and the expectation that the international supervisory standards themselves will likewise continue to rise.
Keywords:
ISCR; CR; risk assessment; corporate governance; places importance; risk management; supervisory mandate; covered bond; short term; internal audit; Anti-money laundering and combating the financing of terrorism (AML/CFT); Operational risk; External audit; Bank supervision; Financial Sector Assessment Program; Global; Baltics
Cover IMF Staff Country Reports
Denmark: Detailed Assessment of Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This paper discusses key findings of the Detailed Assessment of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Denmark. It describes and analyzes AML/CFT measures in place in Denmark, and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Denmark’s levels of compliance with the Financial Action Task Force Forty (FATF) 40+9 Recommendations. The assessment reveals that Denmark has a solid AML/CFT framework, recently updated with a new AML/CFT law that should provide a sound basis for an effective AML/CFT regime.
Keywords:
ISCR; CR; business organization; beneficial owner; holding company; criminal code; parent company; member state; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Europe