negative interest rates have just been a continuation of low interest rates. slide 6 : denmark is an ecb copycat today, nearly three years after the massive inflow of currency, it is clear for most people that denmark is not swiss national bank copycats – we are ecb copycats. if the danish central bank again should be in a situation where highly targeted communication becomes necessary we will consider various options and use whatever it takes to get the message out. side 3 af 4 slide 7 : target groups for the communication nowadays our communication is not only targeting people in the financial markets. we have started a journey on which we aim to communicate much broader and wish to reach all danes in an effort to pave the way for their understanding of why there is a central bank and what we are doing. we are not publishing traditional quarterly review anymore. the publication has been cut into slices and is now released on an ongoing basis. we are now working with five different target groups : the professionals, the public servants, the academic community, the journalist and the politician. publications are edited and targeted to audience groups. next step is the public and we expect to use the 200 anniversary of the danish central bank next year to reach out to the danes. we have so far received positive response to the new strategy. are we going to see a central - bank governor using twitter or facebook to announce personal and professional matters? i'm not able to answer that question. what i know is, that danmarks nationalbank will use all appropriate communication channels but from my point of view too much information could devaluate the message. communication is a powerful tool but it should be used in a clever way and with caution. thank you for your attention! side 4 af 4 danmarks nationalbank central bank communications conference lars rohde, chairman of the board of governors, 15 november 2017 never explain – never apologize governor montagu norman bank of england ( 1920 - 1944 ) sharp increase in foreign exchange reserves in 2015 snb abandon the floor of the swiss franc can he make it? heads or tails? denmark is an ecb copycat note : key policy rates. target groups for the communication danmarks nationalbank thank you

masaaki shirakawa : great east japan earthquake – resilience of society and determination to rebuild remarks by mr masaaki shirakawa, governor of the bank of japan, at the council on foreign relations, new york, 14 april 2011. * i. * * introduction i am privileged to have the opportunity to speak before the council on foreign relations today. before beginning my speech, i would like to extend my heartfelt gratitude to the government and people of the united states for the support and encouragement concerning the tragic great east japan earthquake. the situation in the areas close to the earthquake epicenter, particularly coastal areas that were hit hard by the tsunami, is disastrous. the disaster claimed about 13 thousand lives and more than 15 thousand people are still missing. residents of areas near the fukushima daiichi nuclear power plant have been directed to evacuate, and are forced to spend restless days and nights in shelters. in this way, japan has faced a trying time since the earthquake struck. at the same time, however, japanese society has shown resilience. the work of rebuilding has started to get under way, gradually but steadily. in my remarks today, i will talk about the situation in japan in the month after the earthquake and the work being done to rebuild japan ’ s economy. ii. experience in the month after the earthquake a good place to start is what happened in the financial markets, the area i am familiar with. the earthquake struck at 2 : 46 p. m. on friday, march 11. at the time, i was being briefed by staff in preparation for the monetary policy meeting scheduled to be held at the beginning of the following week. even in tokyo, about 250 miles away from the earthquake epicenter, the shaking from the earthquake was the strongest that i had ever experienced and continued for more than two minutes. the earthquake ’ s magnitude at the epicenter was 9. 0, which makes it the largest on record in japan, and the energy released was enormous ( chart 1 ). based on previously formulated emergency procedure, the bank of japan immediately set up a disaster management team with me as head. this task was completed 14 minutes after the earthquake struck. the most important thing for a central bank during a crisis is to ensure the stability of settlement systems and financial markets. the bank of japan financial network system, or boj - net – japan ’ s core settlement system for funds and government securities – has been operating without any problems the entire time since the