ERM II band and the Danish krone vis-à-vis the euro  Chart 6  DKK/EUR 725 730 735 740 745 750 755 760 765 01-99  07-99 DKK/EUR  01-00 Cent ral rat e  07-00  01-01  07-01  01-02  07-02  Fluct uat ion band  In order to achieve exchange-rate stability, the interest rates of Danmarks Nationalbank are adjusted in step with those of the ECB, with due consideration of conditions in the foreign-exchange market, cf.
4  BIS central bankers’ speeches  Table 2 Transmission to the money market rates was much faster than to lending rates  Nominal or real interest rate? Another aspect of monetary transmission is whether it is the nominal interest rate or the real interest rate that can influence growth and investment.