A transformation from a fragile economy characterised by high inflation and substantial imbalances to the strong economy that we know today. As is the case for most central banks, the primary objective of Danish monetary policy is to ensure low and stable inflation. The key question is therefore: Has the fixed exchange rate policy delivered low inflation?
And once again I urge banks to behave responsibly in this respect and resist short-term temptation. We all have to be conscious that in the current episode, profit developments in individual institutions cannot be seen in isolation from the very large public support granted to the financial system as a whole. President Trichet, are you satisfied with the results of regulation so far?