New space carved out for EU policies My second observation is that the crisis response has carved out potential new space for EU policies, an effect that is, of course, not unique to this crisis. The response to the coronavirus (COVID-19) crisis has underlined the importance of a common approach to common problems.
In the external sector, our policies will continue to be directed at maintaining a marketdetermined exchange rate with scope for occasional official action to address sharp volatilities in the exchange rate; maintaining a comfortable level of reserves as selfinsurance; and ensuring the sustainability of our external debt.