Denmark has ever since shown both the will and the ability to pursue a fixed exchange-rate policy. Another big event in the Danish monetary-policy history took place in the beginning of 2015.
First and foremost, there is the oil price risk. In this context, we of course have to take into account that the level of dependency on oil in the euro area is lower than it was during the oil crises of the 1970s and early 1980s. This reduces the negative effects of a rise in the oil price on euro-area growth.