Contents

Recent Economic and Monetary Trends

Change to 7-Day Maturity for Monetary-Policy Loans and Certificates of Deposit

Globalisation and the Danish Economy
Erik Haller Pedersen, Economics
Within the framework of classical theory it is shown that globalisation is not necessarily an advantage for all parties involved, since there can also be losers. However, Denmark has gained considerably from globalisation in terms of substantial growth driven by increased international trade, as well as from improved terms of trade. In addition to the sound institutional framework, this favourable development is primarily related to the flexible labour market.

From Debtor to Creditor Country – An Analysis of Investment Income
Jannick Damgaard, Statistics
The article reviews the factors that have been decisive to Denmark's transition from debtor to creditor country. There is also focus on the interrelation between Denmark's international investment position and investment income, and a sensitivity analysis is performed to show the impact on investment income in the event of changes in the interest-rate level, share yields and the dollar rate.

EU Enlargements – Status and Future
Borka Babic, International Relations
On 1 January 2007, the EU was enlarged to include Bulgaria and Romania. The economies of both new member states are growing rapidly. However, they also have high inflation rates and substantial current-account deficits. Their low income level entails that it can take them several decades to reach the EU level of prosperity. The article also describes the experience so far from the EU enlargement in 2004, and the perspectives for further enlargement of the EU are presented.

The EU Legislative Process: From Directive Proposal to Consistent Application of the Regulatory Regime
Birgitte Bundgaard Madsen, Financial Markets
The Lamfalussy procedure was established to speed up and enhance the flexibility of the usual EU legislative process in order to match the rapid pace of change in the financial sector. The article reviews how directives in the financial area are adopted under the new procedure.

New Regulatory Regime for European Securities Markets
Jesper Ulriksen Thuesen, Financial Markets
In recent years a new EU regime for regulation of the European securities markets has been developed. The changes are very extensive. The article gives an overview of the most important changes, focusing on their impact on the various participants in the European securities markets.

SEPA – Single Euro Payments Area
Elin Amundsen, Payment Systems
SEPA is the forthcoming Single Euro Payments Area where citizens and business enterprises can use a single set of European payment instruments for payments in euro all over Europe. Danish banks plan to offer their customers the new payment instruments in SEPA for payments in euro.

Speech by Governor Niels Bernstein at the Annual Meeting of  the Danish Bankers Association on 6 December 2006

Published Working Papers

Press Release

Tables and Graphs Section

Vol. XLVI, No. 1