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Contents

Recent Economic and Monetary Trends.

Euro 2002
Niels Bartholdy, International Relations, and Governor Jens Thomsen
The introduction of euro banknotes and coins is tangible proof of the achievement of EMU in 12 EU member states. In the light of previous unsuccessful attempts, a number of reasons are presented for the successful introduction of the euro.

Counterfeit Banknotes
Ulrik Bie and Johan Sebastian Gabel, Secretariat
The extent of counterfeiting in Denmark is limited. Nevertheless, it is on the increase in the light of the rapid technological development and the general public's widespread access to reproduction equipment. Like other central banks, Danmarks Nationalbank seeks to prevent counterfeiting by improving the secur-
ity features of the banknotes and by increased information measures.

Danmarks Nationalbank's New Payment System, Kronos
Thomas Angelius and Astrid Henneberg Pedersen, Payment Systems
Danmarks Nationalbank has launched a new payment system for kroner and euro. This system, Kronos, meets all requirements of modern payment systems and e.g. includes a number of functions to facilitate the liquidity management of financial institutions.

Taxation of Asset Income and the Financial Markets
Kristian Kjeldsen, Financial Markets, and Erik Haller Pedersen, Economics
The taxation of asset income has changed considerably over the last 20 years, although there are still a large number of different rates and asymmetries. Pension savings are still subject to tax subsidies compared to free savings. The taxation of investment associations and income from shares outside pension savings schemes requires simplification.

Market Dynamics at Low Interest Rates
Louise Mogensen, Financial Markets
In periods with low interest rates, options built into e.g. mortgage‑credit bonds will lead to self-reinforcing effects, increasing the volatility of the interest rates.

Speech by Bodil Nyboe Andersen at the Annual Meeting of the Danish Bankers Association on 5 December 2001

Tables and Graphs Section

Danmarks Nationalbank's Statistical Publications

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Version 1.0 April 2002 Nationalbanken.
Published by Danmarks Nationalbank December 2002, http://www.nationalbanken.dk