At the same time, we make sure that it is costly for investors to speculate against the fixed exchange rate policy. Denmark has posted current account surpluses for some years and has built up substantial net foreign assets. This makes it necessary to export private capital on a current basis.
Roger W Ferguson, Jr: Rules and flexibility in monetary policy Speech by Mr Roger W Ferguson, Jr, Vice-Chairman of the Board of Governors of the US Federal Reserve System, at the University of Georgia, Athens, Georgia, 12 February 2003. *  *  *  Thank you for honoring me with this opportunity to deliver a Charter lecture.