10  BIS Review 106/2009
Svein Gjedrem: The conduct of monetary policy Comments by Mr Svein Gjedrem, Governor of the Central Bank of Norway, on the Norges Bank Watch 2006 report, Oslo, 9 March 2006. The  Charts in pdf-format can be found on the Norges Bank’s website. Please note that the text below may differ slightly from the actual presentation. The speech does not contain references to the next Inflation Report or the monetary policy meeting on 16 March. *  *  *  I would like to thank the CME for again providing a thorough review of Norges Bank’s conduct of monetary policy in the Norges Bank Watch report. I am also pleased to be invited to comment on the preliminary Norges Bank Watch 2006 report. It is an extensive report that discusses a number of issues. The report discusses Norges Bank’s conduct of monetary policy in 2005 and the previous years, but also focuses on some aspects of our interpretation of the mandate for monetary policy. I will comment first of all on the relationship to the Regulation on Monetary Policy. As last year, the report emphasises the objective of stabilising the nominal exchange rate. It points to the reference to the exchange rate in the Regulation on Monetary Policy. Last year’s recommendation that the Regulation should be printed in its entirety in each Inflation Report is reiterated.