In the case of Denmark the fixed-exchange-rate policy and ERM (I and II) membership have been instrumental to the establishment of such a framework. There are many country-specific circumstances that make life either easy or difficult under a fixed-exchange-rate regime. However, there are two fairly general lessons to be learnt. Firstly, monetary policy must be unconditionally subordinated to the exchange rate.
Third, the ANPR proposes combining consideration of community development loans and qualified investments, including originations and purchases, into one metricsbased Community Development Financing Subtest. We believe this could encourage the provision of patient capital because both new originations and those already on the balance sheet would be included in the evaluation metric.