By doing so, it has posed a number of challenges and led us into unchartered territory. But it is important for me to stress that the spill-overs arising from the policies of large central banks have been manageable. This has been the case for us at Danmarks Nationalbank as well as for our commercial banks and for firms and households.
Let me therefore begin by explaining what microcredit is, how it works and whether it helps poor people to improve their living standards. Thereafter I will discuss the market for microcredit. In particular, I will focus on initiatives that have been taken in the Netherlands.