The Board also is committed to providing more-effective disclosures to help consumers defend against improper lending. As I discussed in my testimony to this Committee in July, we recently issued proposed rules under Regulation Z, which implements the Truth in Lending Act (TILA), to improve disclosures related to credit cards and other revolving credit accounts.
As Governor of Danmarks Nationalbank, the causes and consequences of very low interest rates is something that has been high on the agenda for at least a decade. In July 2012 we were the first central bank to introduce negative policy rates. And in early 2015 we reduced our key policy rate to -0.75 per cent.