Monetary policy and long-term interest rates  In considering the effects of such monetary easing, let me summarize the relationship between monetary policy and long-term interest rates. This is also important for understanding the background of the current historic low levels of long-term interest rates in advanced countries. Let us recall how long-term interest rates are determined.
And so, as well as preserving their independence, central banks also need to continue to support and improve the safety, the reliability and the efficiency of the privately operated payment and settlement systems. I’ve tried to shed some light on the history of DNB. And I’ve tried to point out the two pitfalls we have to avoid at present.