Thank you for inviting me to speak.
Today, I will focus on a long-term view of the Danish economy. My key messages are:
1. As a result of a long history of reform-oriented policies, the Danish economy today stands strong with no major imbalances.
2. The fixed exchange rate regime has been a cornerstone in the Danish economy for more than 30 years - and this has not changed with negative interest rates.
3. The strategy for issuance of Danish government bonds is focused on supporting liquidity. Issuance is concentrated in 2- and 10-year nominal bonds.
35 years ago the Danish economy was in a miserable state. There were huge imbalances illustrated by a deficit of the public finances of almost 10 per cent of GDP and a long term interest rate of more than 20 per cent. This was partly a consequence of the shocks to the global economy in the 1970s but also a result of an inappropriate economic policy. The path to a turnaround began with the introduction of the fixed-exchange-rate policy in 1982.