As regards the favourable development of the balance of payments, it is obvious that the pension sector has also played a role, primarily through increased savings. As I have already mentioned, the increasing pension savings via e.g. labour-market pension schemes have influenced the economic development in Denmark in recent years.
While the economic debate was previously focused on the lack of savings, with current-account deficits and government deficits, we now have a savings surplus. One of the drivers of this development has been the increase in pension savings.