Lars Rohde: Danmarks Nationalbank's monetary policy - possibilities and limitations

Speech by Mr Lars Rohde, Governor of the National Bank of Denmark, at the Swiss Finance Policy Seminar of the Federal Assembly's Finance Committees, Biel-Bienne/Magglingen, 3 July 2017.

Central bank speech  | 
28 July 2017
PDF full text
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 |  21 pages

First let me thank you for inviting me to speak at this seminar. It is a special pleasure to have this chance to share views and experiences on a matter close to my heart, namely Danish monetary policy. Especially with this audience as there are many similarities between monetary policies in Denmark and Switzerland.

Out of the grey sky on a cold and dull Thursday in January 2015, these similarities caught the financial markets' attention - fueled by the SNB announcement that it would abandon the floor on the Swiss franc against the euro. As you probably know, Denmark experienced a massive inflow of currency shortly after this announcement. And over the following weeks, we saw unusual turbulence in the Danish foreign exchange market