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MONETARY REVIEW 4th QUARTER 2008

The small picture on the front cover shows the "Bankers" clock, which was designed by Arne Jacobsen for the Danmarks Nationalbank building.

Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permit ted.

The Monetary Review is available on Danmarks Nationalbank's website:

www.nationalbanken.dk under publications.

Managing Editor: Jens Thomsen

Editor: Hugo Frey Jensen

This edition closed for contributions on 5 December 2008.

The Monetary Review can be ordered from:

Danmarks Nationalbank,

Communications,

Havnegade 5,

DK-1093 Copenhagen K.

Telephone +45 33 63 70 00 (direct) or +45 33 63 63 63.

Inquiries: Monday-Friday 9.00 a.m.-4 p.m.

E-mail: kommunikation@nationalbanken.dk

Schultz Grafisk A/S

ISSN 0011-6149

(Online) ISSN 1398-3865

08-01-2007 12:26:00 Antal sider: 1 Rev. nr. kolofon Oprettet af Alice Colombo