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.
One lesson learned from last year is that we need to align national insolvency laws with the aims of the new European resolution regime. This leads me to a more general point: the question whether we’ve run out of options and are approaching a stalemate regarding financial stability in the face of risks to the euro area financial sector.