*  *  Introduction  Ladies and gentlemen Thank you for inviting me to speak at the Danish Economic Association today, and many thanks to Governor Per Callesen from Nationalbanken for making this possible. It is a pleasure to be here.
You should know that the Nationalbanken and the Bundesbank have been working closely together for many years now and that we share many views. So let me take the opportunity to thank Per and his colleagues for many years of fruitful exchange.