The most important effect, however, is that we significantly reduce the likelihood of a new financial crisis with all its detrimental effects on our economy. Slide 9: Unconventional monetary policy Let me now finally turn to some future perspectives for us in the central banks. Since the beginning of the financial crisis many things have been far from normal for central banks.
In response to persistently weak demand and low inflation, central banks across the globe have reduced their monetary-policy rates to historically low levels. In fact, Danmarks Nationalbank was a central bank pioneer in terms of setting the key monetary-policy rate well below zero already in 2012 in order to offset large capital inflows.