But the old economic saying that there is no free lunch still applies: the greater the scale of intervention, the greater the financial risk carried by the tax payer. More active macro-prudential policy has been undertaken recently to help reduce the buildup in systemic risk in the banking sector resulting from imbalances in the housing sector.
Nils Bernstein: The Danish economy in an international perspective Speech by Mr Nils Bernstein, Governor of the National Bank of Denmark, at the Annual General Meeting of the Association of DLR Kredit, Copenhagen, 25 April 2007. *  *  *  Thank you for the invitation to speak here today. My subject today is the Danish economy in an international perspective.