Danmarks Nationalbank 2008 Danmarks Monetary Review Nationalbank Monetary Review 4th Quarter 08 4 Danmarks Nationalbank Havnegade 5 DK-1093 Copenhagen K D A N M A R K S Telephone +45 33 63 63 63 Fax +45 33 63 71 25 N A T I O N A L www.nationalbanken.dk E-mail:
[email protected] B A N K 2 0 0 8 4 KKvo_mon_08.inddvo_mon_08.indd 1 221-01-20081-01-2008 10:33:5410:33:54 Monetary Review - 4th Quarter 2008 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 specifi- cally 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:
[email protected] Schultz Grafisk A/S ISSN 0011-6149 (Online) ISSN 1398-3865 16-01-2009 12:51:00 Antal sider: 1 Rev. nr. kolofon Oprettet af Alice Colombo Monetary Review - 4th Quarter 2008 Contents Recent Economic and Monetary Trends ............................................. 1 The International Financial Crisis .......................................................