Signe Krogstrup: Revisiting global imbalances in the context of the "AI hype"
Speech by Ms Signe Krogstrup, Governor of Danmarks Nationalbank, at the Aarhus Symposium: Revisiting global imbalances in the context of the "AI hype", Aarhus, 7 November 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
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Good afternoon. I am so happy to be joining you at this symposium with lots of interesting speakers and great opportunities to engage with all of you.
The topic of today's symposium is the "AI hype". And I say that with quotation marks because we don't know how much is hype or real transformation.
Clearly, this is not just a technology story about AI. It is also a complex story of investments in technology, productivity growth and financing differences between the EU, the US, China and other countries. Contributing to global imbalances and capital flows, notably from the rest of the world and into US technology investments.
My remarks today will focus on global imbalances in the context of the "AI-hype". "Global imbalances" is a description of how trade and financial imbalances are distributed across countries and regions. These imbalances cancel out at the level of the global economy. But some countries have had persistent deficits and surpluses over long time spans. In particular, the US has run a persistent trade deficit, while the China, Japan, the EU and oil exporting nations, among other countries, have tended to show surpluses.