The most notable incidents in recent years were in the autumn of 1998 in connection with the global financial turmoil and in the autumn of 2000 immediately after the referendum that rejected euro area membership. It is crucial for the exchange-rate policy that Danmarks Nationalbank follows ECB rates automatically without hesitation, irrespective of domestic considerations.
In this same forum last year I alluded to the Bank’s intentions to review the remaining controls on foreign exchange. Then at the Annual Mining Conference in Sydney in December 2004, I went on to announce our decision to affect these in 2005. I have been tasked to dwell on this aspect of reforms undertaken by the Central Bank in this morning’s session.