there can be arguments against disclosure. the few years involved can be perceived as a running - in period during which the previous dialogue between the banks and the authority concerning provisions is supplemented by a dialogue on capital adequacy. danmarks nationalbank would like to emphasise, however, that the assessment of the need for capital should be disclosed when the full basel ii framework is implemented. the financial markets and the financial products are becoming more and more technically advanced and sophisticated. new products are constantly appearing to match customers ’ changing needs and preferences. in overall terms this is good for both business enterprises and households. choice is always a good thing - so that everyone ’ s needs can be catered for. for large groups of especially households it can be very difficult, however, to pinpoint exactly what is needed, and even harder to understand the various products and the risks they entail, and make the right choice. this applies especially to life ’ s major financial decisions, not least financing the purchase of a home and choosing the right pension scheme. this is where advisory services come into play. bank employees devote a lot of effort to advising households. it is, however, important that clients understand that there is no certain answer to the question of how e. g. interest rates and share prices will develop in the future. the adviser may have certain expectations, but nobody can know for sure. today many banks do a lot to emphasise that they are profit - driven commercial enterprises. this means that their employees must be good at selling their products. for this reason, some banks have incentive structures to reward successful salespeople. undoubtedly the interests of the bank and the private client may coincide, but it is hard to believe that this is always the case. this applies to many types of professional advisers - from insurance brokers to pharmacies, opticians and banks. denmark is now harvesting the fruits of more than 20 years ’ stability - oriented economic policy during which major structural reforms have been implemented. as a result, we have favourable growth, low inflation, a large current - account surplus and a surplus on government finances. unemployment is low in international terms. after rising for two years the curve seems to be on the way down as the unemployment level has stabilised, or is dropping slowly, depending on whether people in job creation schemes are included or not. the krone is extremely stable against the euro and both short - term and long - term interest rates are only marginally above the euro interest

you can set a limit below which you pledge not to investigate payments, but then you need to oversee that criminals don't circumvent that limit by splitting up payments, and in practice it's difficult to decline investigating crimes based on an administratively determined limit. interest on the deposit will be an issue. in principle, interest could be set at a rate so unattractive that for deposits of amounts exceeding, say, 3, 000 euro, it would replace the impact of a threshold. however, it's unrealistic that a low rate of interest will be able to stem a bank run. a threshold of 3, 000 euro is unlikely to have any appreciable effect, but otherwise the ecb's interest rate on the account would undoubtedly serve as a lower limit for private banks'deposit rate. when it comes to the motivation for a retail cbdc, the following is inspired by an interview with agustin carstens, general manager of the bis. 8 in practice, customers are unlikely to see much change with a retail cbdc because the product is very similar to existing private bank accounts. ( one might say that a retail cbdc would be a small step for consumers and corporations, but a giant leap for central banks. ) mr carstens mentions three types of motivation for ongoing projects. first, the large number of countries and regions with less developed payment systems, for instance without instant payments. in these countries and regions, one account for all at the same bank will make it easier to receive instant payments. second, it will stimulate additional competition that may spur innovation, also in the private sector. third, some people see access to direct " settlement in central bank money " as a particular advantage ; this is possible when paying in cash although more and more people are opting out of cash. it should be noted that consumers'and corporations'choice of increasingly transferring funds digitally between their accounts rather than in cash is not governed by central banks or policymakers. moreover, it is argued that if individual countries and currency areas design the retail cbdc using the same standards, it would be possible to further develop a system of cross - border payments between currency areas. currently, most of the debate revolves around the possible technological solution, and many people take particular notice of the term " digital ". at danmarks nationalbank, we have devoted a number of resources to this issue, we have prepared a report9 and we closely monitor what other central banks are doing. however