And over the following weeks, we saw unusual turbulence in the Danish foreign exchange market. [AGENDA] Today I will talk about the Danish fixed-exchange-rate regime with the cold Thursday in January 2015 as a point of departure. Then I will discuss some of the potential spill-overs to Danish financial markets from the unconventional monetary policies conducted by the ECB in recent years.
I will end my speech with some remarks on our experiences with very low interest rates. We have had negative rates for some years now and so far their implications have been far less exciting or radical than some might have thought before entering the negative territory. Basically, negative interest rates have just been a continuation of low interest rates.