Much of this tailoring has a geographical dimension, because market conditions differ across countries, owing e.g. to residual national regulation or persistent fragmentation in certain markets (e.g. bank lending); nothing more so, however, than measures targeting the real estate market, which is inherently defined by geography—a feature that no legal harmonisation can change.
Nils Bernstein: Recent economic and financial developments in Denmark Speech by Mr Nils Bernstein, Chairman of the Board of Governors of the National Bank of Denmark, at the Annual Meeting of the Danish Bankers Association, Copenhagen, 6 December 2006. *  *  *  Thank you for inviting me to speak here at the annual meeting of the Danish Bankers Association.