Firms have accumulated considerable savings surpluses, and the future framework for banks and mortgage banks is to a large extent in place. So it is not lack of financing opportunities that is dampening the level of investment. Another positive factor is that some of Denmark’s largest export markets seem to be keeping up steam, as I have already mentioned.
All in all, there is reason for cautious optimism about the Danish economy, although we still have little tangible proof that the upswing has started. Inflation has been very low over the last year, both in Denmark and in the euro area. In Denmark, a number of factors – from energy prices to indirect taxes – are keeping inflation at bay.