Capital controls, though important for maintaining the adequacy of international reserves, affect the flow of foreign funds and the development of domestic capital market. Controls are therefore being carefully evaluated and scaled back in the context of macroeconomic objectives, so that their downside impact on capital markets development is minimised. The liberalisation which we desire has to be achieved without creating other macroeconomic difficulties.
Action should be taken in this area, with a view to introducing new legislation before the summer holiday so that the scheme can take effect when the current legislation expires next autumn. Finally, I would like to thank the retiring chairman and the Danish Bankers Association for good cooperation based on mutual trust in a difficult situation.