Derfor er det lykkedes at holde fastkurspolitikken. Det er kommet til at virke selvfølgeligt, men i virkeligheden er det en exceptionel undtagelse, når Danmark gennem tre-fire årtier har kunnet opretholde en fastkurspolitik. En amerikansk forsker, Barry Eichengreen fra University og California, kommer i et arbejdspapir, som Nationalbanken har lagt på sin hjemmeside, med fem forklaringer på, at det har kunnet lade sig gøre: ”First, ample foreign exchange reserves. (…) Second, sound fiscal and financial policies. (…) Third, flexible labor markets. Conceivably, Denmark’s flexible labor market limits the need for active monetary and fiscal policies to dampen business cycle fluctuations and limit increases in unemployment. (…) Fourth, accommodating ECB policy and the predominance of buying attacks. The krone has been subject mainly to buying rather than selling attacks, given the accommodating stance of the ECB. The ECB’s rock-bottom interest rates mean that capital has tended to flow towards Danish financial markets rather than away. (…) Fifth, unusually effective intervention by Danmarks Nationalbank.”
Sten Thorup Kristensen
