Lars Rohde: Overcoming the challenges of the pandemic – perspectives from Denmark

Speech by Mr Lars Rohde, Governor of the National Bank of Denmark, at the -Distinguished-Speakers-Seminar, convened by the European Economics and Financial Centre, London, 23 November 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good afternoon. It is an honour to join the European Economics and Financial Centre once again. In my remarks today, I will share my thoughts on why the Danish economy has fared relatively well through the pandemic so far – with emphasis on "so far". As we speak covid-19 cases are rising and Europe is once again at the epicentre of the pandemic.

Although, the greatest challenges for economic activity are most likely behind us, we are still experiencing quivers from the pandemic. With that in mind, I will point out the key factors that shape the outlook for the coming years.

Then, I will spend some time on developments in the housing market. Like in many other countries, house prices in Denmark have surged during the pandemic. Highly unusual, considering how economic activity at the same time has been on a roller-coaster.