historical standards, the improvement of denmark ’ s wage competitiveness in recent years seems to be coming to an end. wage growth in denmark is now in line with wage growth abroad. in its most recent projection, from march, danmarks nationalbank forecasts gdp growth of 1. 4 per cent this year, rising to 1. 7 per cent next year. this is above the potential rate, so the capacity situation will normalise towards 2016. if economic growth is to reach a higher level while remaining sustainable, productivity growth must increase. this underscores the need to stay on the path of political reform. for some time, the already very accommodative monetary policy in the euro area has resulted in low interest rates, which has helped to buoy up the economy. since the danish economy is basically healthy with sound balances, denmark has been able to take advantage of the low level of interest rates. at times we have been perceived as a safe haven among international investors – and during such periods the danish krone has strengthened against the euro. with effect from 25 april 2014, danmarks nationalbank raised the rate of interest on certificates of deposit by 0. 15 percentage point, bringing it back into positive territory. the lending, discount and current account rates remained unchanged. the interest rate increase took place against the background of sale of foreign exchange in the market. as 3 - year loans have gradually been redeemed, the euro area liquidity situation has tightened in recent months. this has caused short - term money market interest rates in the euro area to rise. consequently, the danish spread to the euro area has become more negative since short - term money market interest rates are higher in the euro area than in denmark. the result has been a weakening of the krone. danmarks nationalbank has applied its usual reaction function by first intervening in the foreign exchange market and then – when the development proved to be more persistent – raising its interest rates. this reaction function from danmarks nationalbank is well - known to market participants. the current account limits of the monetary policy counterparties were adjusted upwards in connection with the introduction of a negative rate of interest on certificates of deposit in july 2012. this was done in order to reduce the resultant strain on the monetary policy counterparties. the current account limits are now being normalised as the rate of interest on certificates of deposit becomes positive once again. as you know, the purpose of the current account limits is to prevent the build - up of

slightly. this means that the interbank market has lost market share. the primary interbank market covers trading via the electronic communication networks. between 2010 and 2013, turnover through these networks fell by almost 40 % overall. in chart 3 you can see an example of this decline in turnover for the eurchf and usdchf currency pairs. in 2013, this was already below the previous levels, and a further decline in turnover is becoming evident for the current year. this development is attributable, in essence, to three factors. first, there is an increasing tendency for large merchant banks to use internal clearing for customer transactions. this means that the need for hedging transactions on the interbank market has declined. second, to an increasing extent, merchant banks are offering liquidity via other electronic distribution channels such as their own trading platforms or multibank platforms. this enables them to attract more business and to benefit from the additional internalisation. third, smaller banks are increasingly becoming direct customers of larger banks, which means that less trading is taking place on the interbank market. nevertheless, because the interbank market allows for price determination and therefore provides reference prices, it performs a key function for the foreign exchange market. consequently, a well - functioning interbank market is also very important for the snb. our analyses show that the decline in turnover has not yet resulted in a deterioration in market quality. despite the fall in turnover, transaction costs are low and the interbank market is still working properly. however, we are keeping a close eye on developments in the structure and quality of the market. the focus of monetary policy implementation is currently the foreign exchange market. however, a well - functioning money market is no less important to us. structural changes have also taken place in this market. on 2 may 2014, six group ltd commenced operations with a new trading platform for the swiss money market. since then, the snb has conducted all open market operations, all transactions for its standing facilities as well as the auctions for the swiss confederation through this platform. this also means that banks can only obtain funds under the liquidity - shortage financing facility through this platform. the successful launch of the new platform can be measured by the fact that 140 foreign and domestic participants already have access, and additional participants have applied to join. with the introduction of the new platform, collateral eligible for snb repos has been combined in new baskets. for the first time, the snb has classified these securities according