Nils Bernstein: The role of the pension sector in the economy Speech by Mr Nils Bernstein, Chairman of the Board of Governors of the National Bank of Denmark, at the Labour-Market Pension Conference 2006, Copenhagen, 26 October 2006. * 1.
It is not only because persistent current account deficits create vulnerabilities, such as a dependence on external financing and an over-indebted banking sector. It is because, since 2008, countries that are more competitive have on average seen higher business margins, lower public debt levels, higher growth, and higher employment.