Lars Rohde: Developments in the world economy, the Danish economy and in its mortgage credit system Speech by Mr Lars Rohde, Governor of the National Bank of Denmark, at the annual meeting of the Danish Mortgage Banks’ Federation, Copenhagen, 3 April 2014. *  *  *  The international economy is recovering.
The upswing is gaining momentum in the USA, and euro area GDP has increased in the last three quarters. With the exception of Greece, southern Europe was also picking up at the end of 2013. On the other hand, growth has declined in the emerging economies, mainly as a result of weaker development in domestic demand.