Low interest rates have also left a legacy, affecting banks' earnings, central bank balance sheets, as well as asset-price valuations. As normalisation of monetary policy proceeds, we must be ready to carefully manage risks and spillovers. Implementation of regulatory reforms and an effective macroprudential framework will be essential to contain financial stability risks. Thank you very much for your attention.
Page 9 of 9  DANMARKS NATIONALBANK NATIONAL ASSET-LIABILITY MANAGEMENT EUROPE CONFERENCE ​1 March, 2018  Global economy is strengthening ​Positive output gaps in the US and euro area  ​Upward revisions to economic forecasts  Per cent of potential GDP  Real GDP growth , per cent year-on-year  4  Projection  4  3 2  3  Output gap closed  1 0  2  US  -1 -2  -5 05  06  07  08  09  10  11  12  13  14  15  16  17  18  19  0 World IMF projections Jan 2018  US  Euro area  2018  2017  2016  2018  2017  2016  2018  2017  2016  2018  2016  Euro area  -4  2017  1  -3  UK  IMF projections Oct 2017 ​Source: Macrobond and IMF.