already running at a high speed, thanks to factors such as a low level of international interest rates. and, overall, we gave the housing market in denmark too much leeway. it is the imbalances created in denmark and abroad during the boom that have brought on the current situation. as you know, the government guarantee on all deposits with and loans to banks in denmark will expire in just under one year. this scheme is the most extensive and necessary step taken in denmark when the financial crisis really hit us in autumn 2008. guarantees of this size must inherently be short - lived, and we must now prepare for the time after its expiry. don ’ t count on an extension of the scheme. it will be replaced by an increased deposit guarantee of kr. 750, 000, and until the end of next year its will be possible to subscribe to guarantees for individual loans applying until the end of 2013. this deposit guarantee of kr. 750, 000 will cover the vast majority of all private individuals making bank deposits. the temporary guarantee scheme for individual issuances is essentially mainly available to large banks. danmarks nationalbank is aware that the sector is working on umbrella schemes that will enable several smaller banks to make joint issues based on government guarantees. danmarks nationalbank takes a positive approach to these initiatives and the possibility of accepting them as part of our collateral basis. as far as we can see, larger deposits and other financing have to some extent made their way to some banks under cover of the general government guarantee. some degree of adaptation must be expected when this guarantee expires. for the credit extension system overall, it is, however, important that the relevant financial institutions take timely action to procure financing elsewhere or reduce their lending surplus. the larger banks must take their share of responsibility for restoring the smooth operation of the money market. the financial crisis has clearly demonstrated that banking is not just another sector of the economy. in return for the extensive bank rescue packages i expect the banks to face up to their social responsibility and role and to contribute actively to the functioning of the markets without government guarantees. the future financial architecture in denmark also involves the expiry of the legislation allowing “ the financial stability company ” to acquire banks when the general government guarantee expires. as far as i can see, the government ’ s acquisition of ailing banks has had the desired effect, i. e. banking transactions with traditional customers have, as far as possible, continued although

david dodge : monetary policy choices : the canadian experience remarks by mr david dodge, governor of the bank of canada, to the chambre de commerce france - canada and les canadiens en europe ( france ), paris, 12 march 2002. * * * it is a great pleasure to be with you today here in this wonderful and historic city. canada and france share important links that cannot be weakened by time. there was, of course, a vibrant french presence in north america long before there was a country called canada. the french contribution to canada is not restricted to language alone. canada's legal and political institutions, as well as our culture and way of life, retain a clearly visible french influence, and will continue to do so. obviously, our economies and the economic links between our countries have come a long way over the years. the chambre de commerce france - canada was established just after the second world war. the chambre has played an important role in reinforcing commercial ties between our two countries that reflect the historical and cultural links already in place. les canadiens en europe is another organization that seeks to strengthen the many ties between us. today, france and canada are both members of the g - 7 – partners at the forefront of the global economy. the strong links between our two countries are also reflected in the close working relationship between the bank of canada and the bank of france. since becoming governor of the bank of canada last year, i have been pleased to continue this relationship. i am happy to be working once again with jean - claude trichet, the governor of the bank of france. bank of canada staff regularly attend the annual seminars hosted by the bank of france. and i hope we will continue to strengthen the working relationship between our two institutions. over the years, both canada and france have had to make decisions about the framework guiding monetary policy. the authorities in the two countries have made choices that reflect the differences in our economies. today i'd like to talk about some of these choices, and what they have meant for our countries. as well, i will give you a brief update on canada's current economic situation and outlook. inflation targeting in the early 1990s, most of the world's central banks found themselves facing a common problem. they needed to make sure that their economies did not return to the high and volatile inflation seen in previous decades. further, they were looking for a way to keep inflation expectations under control. in general, central banks did a good