The monetary policy strategy of the Eurosystem and globalisation As regards the conduct of monetary policy, I think that, in particular in large economies, central banks continue to be able to influence liquidity conditions and thus short-term market rates, irrespective of globalisation and of whether the currency is widely used outside the currency area concerned (or national boundaries).
The strong decline in international interest rates in 1993 also had an impact on Denmark, and from mid-1993 to the beginning of 1995 mortgage-credit loans for approximately kr. 300 billion were converted.