The low interest rates set by central banks across various currency regimes – fixed, floating or monetary unions – are responses from central banks pursuing their mandates. It might not be a preferred state, but the global economy would have been worse off had interest rates been higher.
In the Danish case, the negative interest rates have been nothing but a necessary consequence of our exchange-rate policy. Thank you for your attention! Page 9 of 9  DANMARKS NATIONALBANK MONETARY POLICY IN DENMARK – POSSIBILITIES AND CONSTRAINTS ​Lars Rohde, Chairman of the Board of Governors, 3 July 2017  Agenda 1. Background for fixed exchange rate regime 2.