Credit Crisis

The international financial and economical crisis also has implications for the Dutch economy. On 25 March 2009, the government presented a package of measures to tackle the crisis.

A stimulus package totalling 6 billion euros has been developed for the short term. Measures have also been drawn up for restoring public finances and implementing much-needed reforms.

Economic stimulus package

Both in 2009 and 2010, around three billion euros will be invested in the labour market (especially targeted at youth), education and knowledge; for a sustainable economy; for infrastructure and construction (including the construction of homes); and for making credit more easily available for businesses.

In addition, local and provincial government will spend an estimated one and a half billion euros on stimulating economic activity. The budget for unemployment benefits will be expanded (by one billion euros in 2009, four billion in 2010, four and a half billion in 2011)

Restoration of sound government finances

Budgetary discipline is to be maintained: implementation cost overruns (estimated to be 3.7 billion euros) will be absorbed. In addition, the interest charges on the greater EMU deficits in 2009 and 2010 will be covered from 2011 (1.8 billion). This forms part of the road to recovery of government finances by 0.5 per cent of GDP per year.

Long-term agenda

This is aimed at sustainability and energy, innovation and knowledge, on urban renewal and developing districts, as well as the long-term preservation of our public provisions - in particular by keeping control of the costs of healthcare, by raising the pensionable age to 67 years and canceling the indexation of what is known as the eigenwoningforfait (the notional income based on the rateable value of homes that homeowners 'earn', and on which they pay tax) for homes worth in excess of one million euros.

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