However, in light of the consistent Danish fixed-exchange-rate policy it is also possible to draw a completely opposite conclusion: cyclical divergence is immaterial to the success of a fixed-exchange-rate policy provided that the fiscal policy and other economic policies are in line with the requirements of a fixed-exchangerate regime.
6 In the Danish case two fairly general experiences has been seen regarding the relationship between monetary policy and fiscal policy in a fixed-exchange-rate regime: First there has been an unconditionally willingness to subordinate monetary policy to the exchange-rate strategy in order to get a stable exchange rate.