of speakers. we are honoured to have president axel a. weber of the deutsche bundesbank here as our first speaker of the day. he will be taking a closer look at globalisation, monetary policy and the euro. in terms of age, the euro is still in its youth, in terms of global economic importance a mature adult. since the euro was introduced almost ten years ago, it has gained importance as a global reserve currency. globalisation changes the environment in which we live. increased trade and economic integration are bringing opportunities for raising living standards to ever larger groups. but growth has a price. this is particularly reflected in increased emissions of greenhouse gases as a result of increased human activity. it is still uncertain how serious the impact of gas emissions will be. but once the impact comes into full evidence, it may be too late to take corrective action. there is also the risk that the concentration of greenhouse gases in the atmosphere reaches such a high level that it exceeds critical values that cannot be reversed. we are very pleased to have dr john llewellyn, senior economic policy advisor at lehman brothers, here today to enlighten us on how globalisation affects the environment. changes in our environment affect the way we are able to interact : it is important to combine knowledge about nature with knowledge about the functioning of the economy. the last decade or so, we have witnessed increased financial integration and competition across national borders. this is a positive development. deeper and more mature markets tend to be better equipped to deal with uncertainty and distress. but increased financial integration also raises the potential for more widespread contagion if something goes wrong, as witnessed by the current financial turmoil. professor philip lane, director of the institute for international integration studies at trinity college dublin, is one of the foremost experts on financial globalisation, and we are very much looking forward to hearing what he has to say on this subject. the entrance of new, large emerging economies into the world trading system has strongly influenced economic developments. for some years now, the short - run trade - off between inflation and economic growth has been extraordinarily favourable. inflation has been low and economic growth high. we have been hit by massive and long - lasting positive supply shocks thanks to globalisation. to accommodate a higher growth potential and to maintain the nominal anchor, central banks worldwide for a long period held short - term interest rates well below what can be regarded as a normal level. history has shown us that low and stable inflation is

with low productivity growth, this means higher business costs. chart : the krone has depreciated moreover, the krone depreciated markedly in the period to summer last year. a weaker krone means higher import prices. the krone is now a little weaker than before the monetary policy meeting in september and a little weaker than expected. the depreciation has been particularly pronounced against the us dollar, which has appreciated against many currencies in recent weeks. the dollar appreciated further in the hours following the us election. chart : modest rise in unemployment since we started raising the policy rate, unemployment has edged up from a very low level. at the end of october, registered unemployment was 2. 1 percent, in line with our september projection. unemployment is still a little lower than in the period before the pandemic, and the number of job vacancy postings is high. chart : the policy rate will likely be held at today's level to the end of the year the committee judges that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon. the committee is concerned with the possibility that if the policy rate is lowered prematurely, inflation could remain above target for too long. on the other hand, an overly tight monetary policy could contract the economy more than needed. when we set the policy rate, we have to balance these trade - offs. the economic outlook is uncertain. the committee will have received more information about economic developments ahead of its next monetary policy meeting in december, when new policy rate forecasts will be presented. 2 / 2 bis - central bankers'speeches