Øystein Olsen: The conduct of monetary policy Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the hearing before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament), Oslo, 15 May 2014. *  *  *  Accompanying charts can be found on the Central Bank of Norway’s website: Charts (PDF). Please note that the text below may differ from the actual presentation. I would like to thank the Chairman of the Committee for this opportunity to report on the conduct of monetary policy. My statement here today is based on Norges Bank’s Annual Report for 2013 and has been updated based on new information and assessments up to the monetary policy meeting last week. Norges Bank’s operational conduct of monetary policy is oriented towards low and stable inflation. The operational target is annual consumer price inflation of close to 2.5 percent over time. Monetary policy shall also contribute to smoothing fluctuations in output and employment. The key policy rate is the main instrument of monetary policy. Chart: Inflation and capacity utilisation In 2001, an inflation target was assigned to Norges Bank. The experience has been positive. Over the past ten years, consumer price inflation has on average been somewhat below, but close to 2.5 percent. The world economy has to a large extent been marked by imbalances through this period. Growth in the Norwegian economy slowed in the wake of the financial crisis, but has since been close to a normal level.
The MIFC initiatives that were announced yesterday would propel Malaysia into becoming a vibrant, innovative and competitive international Islamic financial services industry supported by high calibre human talent, world-class infrastructure and best international standards. Building on what we have, we need to create a global brand to be promoted more aggressively in the global arena. This will be key to penetrate markets as well as to attract global players to our shores, henceforth enhancing the viability and sustainability of Malaysia's Islamic financial system. Malaysia will embark on more strategic promotional and marketing efforts through greater collaboration and smart partnership. MIFC WILL BE OUR GLOBAL BRAND. 2  BIS Review 75/2006  On this note, on behalf of the hosts and organisers, I would like to thank the distinguished panellists and moderators, media and the respected audience for making this Forum a success, and I hereby declare the forum officially closed. Thank you. BIS Review 75/2006  3