And we will look to market participants to keep watch on the same data, and form their own opinions about what they mean. Our communications focus on explaining how we expect the economy to unfold and being transparent about the risks that the central bank is weighing. All else equal, this should help reduce the chances of surprising markets.
The Danish banks that have succumbed to the crisis or have been close to the brink have all been characterised by very high lending growth and an almost aggressive exposure to the property sector. These factors contributed heavily to the build-up of systemic risk in the years leading up to the crisis.