However, the actual decisions are taken on the basis of all of the information available concerning the currency market at that particular time. There is never an automatic reaction. During the past year, there has been great interest in placing funds in kroner, and we have mostly purchased currency. The foreign-exchange reserve has therefore increased by around kr. 50 billion.
In our largest trading partner, households are undergoing a long process of balance-sheet repair. Partly as a consequence, American demand for Canadian exports is $ billion lower than normal. In Europe, a renewed crisis is underway. An increasing number of countries are being forced to pay unsustainable rates on their borrowings.