8  An elaboration of the origin of today's fixed-exchange-rate regime in Denmark is found in Christensen, A. M. and J. Topp (1997), Monetary policy in Denmark since 1992, in: Monetary policy in the Nordic countries: Experiences since 1992, BIS Policy Papers, No. 2, pp. 5-23.
BIS Review 40/2006  3  current account of the balance of payment for each consecutive year since 1963 leading to a limited room of manoeuvre in economic policy. Furthermore, the labour market system was based on automatic inflation indexation of wages. This implied a more or less direct feed of the oil price shocks into wages and prices.