Publication of report on large, complex and successful Nordic-Baltic financial crisis simulation exercise

Over a period of five days in the autumn of 2024, the Nordic-Baltic Stability Group (NBSG ) conducted a financial crisis simulation exercise across its 8 member countries. The goal of the exercise was to test collaboration and coordination across authorities in the region during a fictitious financial crisis, in order to further improve the resiliency of crisis management frameworks in the Nordic Baltic region.

The report published today outlines the preparation, co-creation and execution of the exercise, highlighting organisational questions and the work performed by NBSG authorities (and observers) as well as the supporting consultant team. It ends with a brief assessment of the exercise by the NBSG.
 
On the occasion of the publication of the report, the chair of the NBSG states:
“Running financial crisis simulation exercises is a cornerstone of the NBSG work, helping us to strengthen the crisis contingency measures in our countries. The highly intense and successful 2024 exercise has proven the worth of the NBSG cooperation.”
Anna Jegnell, Director General, Ministry of Finance, Sweden, and chair of the NBSG 2025

Nearly 450 participants took part in the exercise, representing more than 30 Nordic-Baltic national authorities as well as EU authorities and the IMF. The preparation of the exercise, coordinated by the Danish Financial Stability company and involving a 70 members strong preparation team, commenced in April 2023 and culminated in the exercise execution in September 2024.

The chair of the exercise steering group states:
“A noteworthy achievement of the exercise preparation and execution was the large extent to which all of the many involved authorities were given relevant challenges over the three exercise days”.
Jens Verner Andersen, Deputy CEO, Financial Stability Company, Denmark, and chair of the exercise steering group

Click here to read the report.

The NBSG gathers representatives of government ministries, central banks, supervisory authorities, and resolution authorities in the eight Nordic and Baltic countries, Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. In the context of the NBSG, the Nordic and Baltic authorities have agreed to conduct regular financial crisis simulation exercises.