Foreword

Danmarks Nationalbank is the central bank of Denmark. Danmarks Nationalbank was established in 1818 and has been a self-governing institution since 1936. The legal basis for Danmarks Nationalbank's activities is the Danmarks Nationalbank Act of 1936, according to which Danmarks Nationalbank's objective is to maintain a safe and secure currency system in Denmark, and to facilitate and regulate the traffic in money and the extension of credit. In its formulation of monetary policy Danmarks Nationalbank is independent of the Folketing (Parliament) and the Government.

The Report and Accounts of Danmarks Nationalbank comprise a presentation and description of Danmarks Nationalbank's Accounts for the year 2007, and the Report of the Board of Governors. The Report of the Board of Governors presents recent overall trends in the Danish and international economy, monetary and foreign-exchange policy, international cooperation and major events during the year within Danmarks Nationalbank's other areas of operation and its organisation.

In its quarterly monetary reviews Danmarks Nationalbank publishes articles on recent trends in a number of areas – including the Danish economy, monetary policy, financial conditions, statistics, banknotes and coins, payment systems, the euro and cooperation within the EU. In addition, the monetary reviews present Danmarks Nationalbank's forecasts for the Danish economy and its current view of the economic situation in Denmark. Besides the monetary reviews, Danmarks Nationalbank publishes Working Papers describing research and development activities, as well as a large number of special publications with in-depth descriptions of Danmarks Nationalbank's areas of operation.

Copenhagen, 29 February 2008

Nils Bernstein          Torben Nielsen          Jens Thomsen
   Chairman