Sound monetary policies have also been instrumental in supporting growth, even though their role in explaining the relative performance of the Nordics is limited since stability-oriented monetary policies have become increasingly widespread. •  Strong and transparent institutional framework. An institutional environment in which contracts can be enforced and property rights can be established promotes economic growth.
Taking the appropriate medium- to longerterm perspective, the continued expansion of money and credit through the course of 2005 gave an intensifying indication of increasing risks to price stability, fully in line with the results of our economic analysis, and vindicating our orientation to progressively increase interest rates by 150 basis points from December 2005 onwards. I thank you for your attention.