Since the end of the 1980s, an increasing emphasis has been laid on central bank independence within the institutional arrangements for monetary policy. This derives from the fact that credibility has been understood to constitute a precondition for a successful monetary policy. Central bank independence does not, of course, mean that a central bank ought to be free to choose its operational goals.
Financial market conditions and the cost of external finance for the private sector have eased considerably over the past months and borrowing conditions for firms and households have improved notably, with a pick-up in the demand for credit. Looking ahead, our focus will be on the full implementation of our monetary policy measures.