Hard currency means a strong currency, it refers to a globally traded currency that can serve as a reliable and stable store of value. Factors contributing to a currency's hard status can include political stability, low inflation, consistent monetary and fiscal policies, backing by reserves of precious metals, and long-term stable or upward-trending valuation against other currencies on a trade-weighted basis. Hard currencies could be argued to include the Euro, Swiss franc, British pound sterling, Norwegian krone, Swedish krona, Canadian dollar, Japanese yen, and Australian dollar. However, varying theories of monetary policy preclude any such list from being called definitive. Before its replacement by the euro, the Deutsche Mark (German Mark) was considered one of the best hard currencies.