I disagree. The interest rate is not entirely divorced from tangible reality. Rather it's the emergent manifestation of the aggregate behavior and preferences of investors, savers, and foreign traders across the entire economy.
A low interest rate is the direct result of indifference to inter-temporal substitution. It indicates that households are willing to shift consumption from the present to the future, that firms can readily defer capital investments, and that foreign producers are willing to cover temporary shortfalls in domestic production because they have high faith in the currency and financial system.
All of those things are physical manifestations of how and why it would be easy for Denmark to weather a temporary supply shock. 3-6 months of reduced economic output can easily be handled by relatively painless deferrals in demand. Danish consumers will shift back vacations, home upgrades and new cars until later in the year. Danish businesses have very well maintained capital equipment, and can stretch maintenance and upgrade cycles. Chinese and Russian exporters have very high faith in the Danish Krona, and will sell goods today for the promise of Danish goods in the distant future.
