In Danmarks Nationalbank’s view, Denmark has hereby missed a golden opportunity for the mortgage credit sector to benefit from developments in international standards. Credit institutions in the rest of Europe must sell uniform debt instruments that qualify as eligible liabilities, while Danish mortgage banks must sell another variant for a special Danish debt buffer.
At present, one can envisage two scenarios with respect to confidence. In the first, confidence could be restored quickly, and robust growth could resume, supported by the substantial monetary and fiscal  BIS Review 91/2001  1  stimulus already in place. In the second, confidence could stay weak for some time and, consequently, growth would remain sluggish through most of 2002.