3  Cf. e.g. the survey in Pedersen, A. M. (2004), Currency Unions and Foreign Trade, Danmarks Nationalbank Monetary Review, 2nd Quarter, pp. 35-50. 2  BIS Review 40/2006  surplus equivalent to around 5 per cent of GDP on external trade in goods and services. 4 This is also a large surplus by international standards.
It is against this difficult global and domestic backdrop that monetary policy has to operate, while at the same time learning the lessons from the crisis for macroeconomic policy. There are a number of aspects worth noting.