The appreciation of the krone and high wage growth led to a considerable deterioration in the competitiveness of Norwegian enterprises - and made imported consumer goods cheaper. Norges Bank has no set target for the level of the exchange rate. Developments in the krone exchange rate are nevertheless important in interest rate setting. The response to a change in the exchange rate will depend on its expected impact on inflation. This requires an evaluation of the reasons for and the duration of the change. Short-term fluctuations in the krone exchange rate tend to have very limited effects on economic developments, while long-lasting changes can have an impact. High wage growth over several years has eroded the competitiveness of the Norwegian business sector. Last year, the effects of high wage growth on export industries were amplified by the changes in the krone exchange rate. The krone has now reverted to around the level prevailing in the mid-1990s, while labour costs in manufacturing have increased by almost 15 per cent more than among our trading partners in the same period. The appreciation of the krone proved to be reversible, but the loss of competitiveness and jobs caused by relatively high domestic wage growth is difficult to recoup. A precondition for a considerable improvement in competitiveness is that real wage growth is lower than productivity growth in the business sector for a period. Experience shows that this only occurs in periods with low resource utilisation.
[19]Joined Cases T-131/16, Belgium v Commission and T-264/16, Magnetrol International v  Commission, judgment of the Court of 14 February 2019. [20]REGULATION (EU) 2016/679 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of  27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). [21]COMMISSION IMPLEMENTING REGULATION (EU) 2016/2286 of 15 December 2016 laying  down detailed rules on the application of fair use policy and on the methodology for assessing the sustainability of the abolition of retail roaming surcharges and on the application to be submitted by a roaming provider for the purposes of that assessment. [22] 9 / 10  BIS central bankers' speeches  [22]DIRECTIVE (EU) 2015/2366 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of  25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, [23]Belgium, Denmark, Finland, Germany, Greece, Ireland, Italy, Spain, Sweden and the United  Kingdom. [24]OECD (2010), “Have equal-treatment laws improved job quality for part-time workers?”, Box  4.3., OECD Employment Outlook: Moving Beyond the Jobs Crisis. [25]Report of the Massachusetts Commission on Old Age Pensions, Annuities, and Insurance,  1910. [26]DeWitt, L. (2010), “The development of social security in the United States”, Social Security  Bulletin, 70(3).