However, the pace of their increase has become moderate due to effects of the slowdown in overseas economies. The effects of the slowdown in overseas economies are particularly apparent in exports of ITrelated goods such as semiconductor manufacturing equipment.
However, it is not our assessment that the reliance on a fixed exchange rate and occasional discretionary fiscal policy measures in itself has exacerbated this inherent problem. Quite the contrary, the fixed-exchange-rate policy has been instrumental in the significant improvement in Danish economic policy that has taken place in the last 10-15 years.