This cross-country paper explains differences in external sector performance among four large euro area countries—France …, Germany, Italy, and Spain. The paper discusses that during 2001–04, the performance of the external sector differed markedly … among these four largest euro area countries. The study presented in this paper describes the evolution of the traditional …

Union is a major achievement but also a difficult process in the four countries (France, Germany, Italy, and Spain) …Fiscal deficits and the public debt has grown throughout much of the postwar period in most industrialized countries …

This technical note describes the stress testing exercises carried out for the Danish commercial banking system and the … insurance sector. The tests were conducted as part of the Financial Sector Assessment Program for Denmark and were developed in … collaboration with the Danish Financial Supervisory Agency (DFSA) and Danmarks Nationalbank (DNB). Two approaches—bottom-up and top …

This Selected Issues paper for Denmark shows that a demographic shift will have several impacts on the economy. The … have a dramatic effect on productivity and on overall production. Demark has imposed a restrictive policy requiring that …

The key findings of Denmark’s 2008 Article IV Consultation are examined. The global liquidity crisis put the financial … policies. The crisis accelerated a downturn that had begun in 2007 and tilted the balance of macroeconomic risk toward … recession. The macroeconomic policy mix is appropriate, including higher interest rates to support the exchange rate peg and an …

This paper describes economic developments in Denmark during 1990–96. After a prolonged period of stagnation in the … second half of the 1980s and early 1990s, GDP rose by 41⁄4 percent in 1994, reflecting a surge in domestic demand and … recovery in export markets. The expansion of GDP slowed to a 23⁄4 percent pace in 1995 as domestic demand moderated and as …

The global financial crisis hit Denmark hard, and the recovery has been slow and unsteady. Denmark’s slow growth … surplus, largely reflecting weak domestic demand since the crisis and strong net income. Monetary policy is based on … maintaining a tight peg to the euro. Denmark’s financial system has rebuilt capital but still has substantial vulnerabilities …