collective action of fund cohorts, not idiosyncratic risk management issues at individual funds. to put it another way, there are significant advantages in closing a stable door at the right time. there is clearly hidden leverage, interconnectedness and channels of propagation that we do not yet fully understand, and vulnerabilities building - up in the non - bank sector. these knowledge and data gaps need addressing. i am delighted a fellow ally in calling for urgency in addressing this issue, governor of the banque de france, francois villeroy de galhau, is also with us today. you may have seen recently francois urging global regulators at the financial stability board to “ deliver now on clearer and stricter rules ” to strengthen resilience of the funds sector19. i couldn ’ t agree more. welcome francois. conclusion let me conclude by referring back to an economic philosopher. as john stuart mill said, “ he who knows only his own side of the case doesn ’ t know much about it. his reasons may be good, and no - one may have been able to refute them ; but if he is equally unable to refute the reasons on the opposite side, and doesn ’ t even know what they are, he has no grounds for preferring either opinion " 20. listening to the perspectives of the financial system ’ s participants is fundamental to effective regulation. it helps us understand what ’ s working, what isn ’ t and what may need to change as the financial system changes. agile and forward - looking regulation requires connection. engagement with the central bank ’ s stakeholders is a core part of our approach to regulation. it helps us to explain what we are doing, and why, so that all market participants understand our actions. today is another example of that. thank you for joining us. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1. see ippoliti, e. introduction : philosophy for finance. topoi 40, 707 – 713 ( 2021 ) for an overview of this approach. 2. see aristotle, politics 1252a – 1260b 3.

christian kettel thomsen : danish economy, financial risks and cash speech by mr christian kettel thomsen, governor of the national bank of denmark, at the annual meeting of finance denmark, copenhagen, 4 december 2023. * * * check against delivery as new governor in danmarks nationalbank, there are many things i will be doing for the first time. one of them is to give this annual speech. i've really been looking for - ward to this. another new task was when i recently signed a 50 - krone banknote. in terms of denomination, i may have had higher ambitions for my first signature. nevertheless, it was a reminder for me of the important role that cash still has, and will continue to have, in our society. i will return to this later on in my speech today. but first a few reflections on the danish economy and the financial sector. the developments in the past four years really show how quickly the eco - nomic situation can change. but if we look at economic activity in denmark right now, danmarks na - tionalbank's assessment is that we're heading for a soft landing. especially considering that the modest economic growth we're currently experiencing stems from large danish companies having increased their production abroad, i. e. outside the borders of denmark. disregarding danish companies'production abroad, danish gdp has ac - tually been stagnant since early 2022. and inflation also seems to be heading for a soft landing. it has fallen very significantly – initially because energy prices have dropped from the very high levels seen last year. but even though inflation has decreased a lot, we're still not there yet. we thus expect inflation to rise again early next year and to end at three per cent for the year as a whole. 1 / 6 bis - central bankers'speeches what we're seeing now is that where inflationary pressures used to come from the outside – including in the form of high energy and food prices – the pressures have now started to shift to being driven by domestic con - ditions, especially pay increases. here, we expect that the effects of the higher pay increases from the col - lective agreements concluded in spring are now beginning to make themselves felt, and they will contribute to keeping up price increases for some time to come. we also expect a slight decline in employment over the coming years, but employment in denmark will remain very high. to get inflation under control, the