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Contents

Recent Economic and Monetary Trends

New Terms and Conditions for Accounts

Upgraded 100-Krone Banknote

Future Publication of Statistics

Experience with the Eurosystem’s Weekly
Open Market Operations

Kim Abildgren, Economics
The experience with the Eurosystem’s weekly open market operations is reviewed. The current number of participants is 300 banks. Banks in the financial centres in Frankfurt and Luxembourg play a more and more important role in the tenders and thus in the distribution of central-bank liquidity in the euro area. The market interest rates prior to the tender determine the bidding behaviour.

Status of the Transition to Euro Banknotes and Coins

Morten Roed Sørensen, International Relations
The transition to euro banknotes and coins was an extensive operation that required several years of planning and involved major parts of society. In view of the scale of the operation surprisingly few problems arose. The price trends in connection with the cash changeover is discussed.

Sensitivity Analysis of Denmark's International Investment Position

Thomas Bie, Statistics, and Frank Øland Hansen, Economics
Compilation of Denmark's international investment position are now done quarterly on a very detailed basis. This makes it possible to analyse the sensitivity of the net external debt to fluctuations in exchange rates and in share and bond prices. The method of analysis, Value-at-Risk (VaR), shows that quarterly fluctuations in the net external debt of approximately kr. 50 billion as a result of developments in the currency, share and bond markets may be expected from time to time.

The Economic Situation in Poland

Jens Anton Kjærgaard Larsen, International Relations
An outline of the economic outcome in Poland since the transition to market economy is made, focusing on the economic slowdown in recent years. The standard-of-living gap to the EU member states and the prospects of bridging this gap are discussed, as are a number of challenges to economic policy, e.g. as a result of Poland's wish to adopt the euro as soon as possible.

Articles in the Monetary Review, 4th Quarter 2000 – 3rd Quarter 2002

Press Releases

Tables

Interest rates and share-price index

Selected items from the Nationalbank's balance sheet

Factors affecting the banks' and the mortgage-credit institutes' net position with the Nationalbank

Selected items from the consolidated balance sheet of the MFI sector and the money stock

The banks' lending

Selected items from the balance sheet of the mortgage-credit institutes

External payments (net payments from abroad)

GDP by type of expenditure

Principal items of the balance of payments (net revenues)

Development in consumer prices and net retail prices

Exchange rates

Selected monthly economic indicators

Selected quarterly economic indicators

Danmarks Nationalbank's Statistical Publications

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