Conclusion (Chart 8) During 2009, Danmarks Nationalbank gradually reduced interest rates so that the spread to the euro area narrowed again. Today, the monetary- policy spread is only 5 basis points. But the actual money-market spread is around 50 basis points, mainly due to the substantial amount of excess liquidity in the Euro area.
It is a matter of profound pleasure and privilege to welcome Mr Pranab Mukherjee, the Hon’ble Minister of Finance, Govt. of India who, despite his hectic schedule and multiple responsibilities, has kindly agreed to deliver the Keynote Address and spare some thoughts for the attendees to work further on. Hon’ble Finance Minister, Sir, while welcoming, we express our sincere gratitude to you. 4.