All these facts and figures, which demonstrate the demographic and economic importance of the European Union, will be further strengthened by EU enlargement. Let me now turn to financial markets in the euro area. The introduction of the euro and the successful implementation of the TARGET payment system have contributed to the potential for highly integrated financial markets within the euro area.
For a long time low inflation and moderate wage increases have been the order of the day in Denmark, just like in many other countries. This phenomenon is among other things the result of growing recognition of the favourable economic effects of low inflation.