esrb ’ s annual review of macroprudential policy in the eu provides a detailed description of these measures. 8 belgium, denmark, finland, luxembourg, the netherlands and sweden. 9 czech republic, germany, france, iceland and norway. 10 hellwig, m ( 2009 ), “ systemic risk in the financial sector : an analysis of the subprime - mortgage financial crisis ”, de economist, 157 ( 2 ) : 129 – 207. 3 / 4 bis central bankers'speeches 11 see esrb ( 2018 ), macroprudential provisions, measures and instruments for insurance, november. for recent work on the topic by the european insurance and occupational pensions authority ( eiopa ), see, for example, eiopa ( 2019 ), discussion paper on systemic risk and macroprudential policy in insurance, march. 12 esrb ( 2019 ), features of a macroprudential stance : initial considerations, april. 4 / 4 bis central bankers'speeches

in the exchange rate affect the competitiveness of norwegian business and industry as well as demand at home and abroad. thus, the activity level in the economy is affected. • as the norwegian and international money and capital markets become more integrated, changes in the exchange rate will be increasingly important. changes in the exchange rate generate wealth gains and losses for norwegian households and companies. see box in inflation report 4 / 2000. ” effects of a change in interest rates ”, december 2000 see for example jan f. qvigstad. ” monetary policy in real time ”, working paper 2001 / 1, april 2001. the value of the norwegian krone will vary, as exchange rates do in most countries. there are many reasons for fluctuations in the exchange rate. changes in the exchange rate are often due to disturbances to the economy. one example is a change in the terms of trade, which measure prices for exported goods and services in relation to prices for imported goods and services. commodities account for a substantial share of norwegian exports. prices fluctuate widely. as a result, norway is exposed to fairly large variations in its terms of trade. a decline in commodity prices results in less favourable terms of trade. this reduces our source of revenues and experience shows that the exchange rate will weaken. on the other hand, an increase in commodity prices improves terms of trade and often results in a strengthening of the exchange rate. it is desirable for the krone exchange rate to fluctuate in pace with developments in the terms of trade or demand for norwegian products. if prices for our export products decline, a weakening of the exchange rate will dampen the income loss for internationally exposed industries. the exchange rate can therefore be seen as an automatic stabiliser, or buffer, that shelters the economy to some extent from changes in the terms of trade. oil and gas are the commodities that account for the largest share of norwegian exports. a substantial portion of the revenues from the sale of oil and gas is invested in foreign equities and bonds through the government petroleum fund. as a result, short - term fluctuations in the oil price have less impact on the domestic use of petroleum revenues. in the last 20 years, fluctuations in the terms of trade see for example tom bernhardsen and øistein røisland. ” factors that influence the krone exchange rate ”, economic bulletin no. 3 / 2000, november 2000. have been three to four times greater for the norwegian economy including the petroleum sector than for the