Norway is a parliamentary constitutional monarchy, located in Northern Europe. Executive power is exercised by the prime-minister, who forms the government and is usually the leader of the party that controls the majority in Storting, a 169-seat unicameral parliament. Norway ranks 49th largest economy in the world (by GDP PPP), but is 12th by GDP per capita. Norwegian economy is highly integrated with the European Union, which buys around 78% of Norwegian merchandise exports. Total external trade volume is 34% of GDP. The central bank, Norges Bank (BoN), pursues an inflation-targeting approach to monetary policy and maintains a free floating exchange rate regime. Norway is one of the major producers of oil and natural gas (fuels and minerals make up 65% of its exports) and its currency is therefore correlated with the price of Brent crude oil. Economic weaknesses include: dependence on energy prices, low diversification of the economy and very high household debt level.