2  BIS central bankers’ speeches  In contrast to domestic financing transactions, when we draw on funding from the rest of the world, or buy assets overseas, our net asset position as a country does change. This means that financial transactions with the rest of the world are included in the national balance sheet. So, to the data.
This is not to say that the ECB is not concerned about the exchange rate; it is rather that the ECB does not have an exchange rate objective. The exchange rate is one of the factors that we take into account in deciding on our monetary policy stance.