This system has been a cornerstone of the Nordic model’s success, contributing to relatively equal wage distributions and stable labour markets.

However, in recent years, structural shifts in the economy have placed new pressures on the model, prompting discussions about how it must evolve to remain effective. What impact have these changes had on Nordic labour markets? And what potential reforms might be necessary to sustain the system’s strengths?

These are the key questions addressed in the newly released Nordic Economic Policy Review (NEPR) 2025, which was formally delivered to the Nordic ministers of finance today.

The NEPR, first launched in 2010 by the Nordic Ministers of Finance, aims to make cutting-edge economic research accessible to policymakers and the wider public. Produced by the Nordic Council of Ministers and Nordregio, the review also fosters collaboration and knowledge exchange across the Nordic region on critical economic policy challenges.

This year’s edition features five articles, with a particular focus on wage formation and topics such as public sector wage-setting and pattern bargaining. Alexander L. P. Willén was part of the process over the past year, contributing to the chapter on unions and wage formation (or providing expert comments).

To mark the launch of the 2025 edition, an event will be held on May 7 in Helsinki, where the key findings will be presented and discussed. Speakers and panelists include:

• Riikka Purra, Minister of Finance, Finland

• Lars Calmfors, Professor Emeritus, Stockholm University

• Astrid Würtz Rasmussen, Professor, Aarhus University

• Roope Uusitalo, Professor, University of Helsinki

• Juhana Vartiainen, Mayor of Helsinki

• Ilkka Kaukoranta, Chief Economist, The Central Organisation of Finnish Trade Unions (SAK)

• Minna Etu-Seppälä, Director of Industrial Relations, The Chemical Industry Federation of Finland.

The session will be moderated by Robert Sundman from Suomen Kuvalehti.

📖 Read more and explore the full program here:
https://www.norden.org/en/event/wage-formation-and-nordic-model-nordic-economic-policy-review-2025