Much has been said about the behaviour of the exchange rate over the past two years in particular. The fact that there was pressure to appoint a commission of enquiry into the rand's depreciation implies that there was no obvious reason for such a sharp move in the exchange rate and that the move was clearly overdone.
These issues are discussed intensively by the authorities of the Nordic countries. In Danmarks Nationalbank’s analyses of financial stability we have focused increasingly on the Nordic groups. In practical terms, the Nordic central banks have prepared a Memorandum of Understanding, which is available on our website.