This underscores the need to stay on the path of political reform. For some time, the already very accommodative monetary policy in the euro area has resulted in low interest rates, which has helped to buoy up the economy. Since the Danish economy is basically healthy with sound balances, Denmark has been able to take advantage of the low level of interest rates.
At times we have been perceived as a safe haven among international investors – and during such periods the Danish krone has strengthened against the euro. With effect from 25 April 2014, Danmarks Nationalbank raised the rate of interest on certificates of deposit by 0.15 percentage point, bringing it back into positive territory. The lending, discount and current account rates remained unchanged.