Nils Bernstein: Recent economic and financial developments in Denmark Speech by Mr Nils Bernstein, Governor of the National Bank of Denmark, at the Annual Meeting of the Danish Bankers Association, Copenhagen, 30 November 2005. *  *  *  I appreciate the friendly welcome that I have been given by the banking industry and thank you for this invitation to speak today.
The rationale for the ECB’s monetary policy and its effects on the recovery A phase of active management of the size of our balance sheet and our monetary base, started once inflation fell below 1%, in the second half of 2013, and kept drifting down over the first semester of 2014.