Nevertheless, there were vulnerabilities in non-bank finance that created negative externalities 1/3  BIS central bankers' speeches  during the market turmoil at the onset of the pandemic in March 2020. Let me give you some examples.
In Denmark, the general government’s net borrowing will be reduced to almost a balanced budget in 1997, while the unemployment rate is expected to decline to almost 9 % of the working population, compared with the all-time high of more than 12 % in 1994.” Admittedly, public finance is precisely the area in which Denmark has to be ambitious.