It has also supported the resilience of sovereign bond markets at a time when fiscal policy-makers confronted the major challenges of financing their response to the public health emergency and creating a backstop for their domestic economies.
Unconventional monetary policy measures also impact economic developments in Denmark, given the Danish fixed exchange rate policy. Let me remind you: Denmark is in reality a euro member state, but with costs of currency exchanges and without influence on monetary policy decisions by the ECB. On September 12 the Danmarks Nationalbank lowered the key policy rate in line with the ECB.