The triggers and series of events differ from time to time, and although Danmarks Nationalbank in principle applies the same reaction function, our reaction must be adapted to the specific circumstances. Nevertheless, I think we should reflect on the lessons than can be learned from the most recent episode. Firstly, we must realise that pressure on the krone can go either way.
The anxieties generated by the crisis and geopolitical tensions – including the large migrant flows and civil war in nearby countries – have aroused uneasy sentiments among European citizens, thus giving further ammunition to anti-European movements, and narrowing the focus of the economic and political debate to mostly domestic and short-term issues.