The National Bank of Denmark will need to maintain a larger foreign-exchange reserves stockpile than in recent years, said Nils Bernstein, the governor of the central bank.

Bernstein said that this was one of the lessons learned form the crisis. He said that developments in September and October showed that at times it was necessary to intervene to support the krone. He said that in such situations the foreign-exchange reserves served as a buffer that would allow the central bank to maintain a