The aim is not that this measure will hold a special position in the same way as the CPIX has done. The idea is that the monetary policy discussion will focus more directly on the CPI. But there will certainly be reason to give a little extra emphasis to a measure like this from time to time. During periods when the repo rate is changed substantially it is important to have some grasp of how large the direct impact is on CPI inflation. This is how things have worked during the period since 2006, for example, when the Riksbank raised the repo rate in several stages. The measure can then differ substantially in the short term. If one looks at the inflation figures for April, the CPI and the CPIX increased by 3.4 per cent and 2.4 per cent respectively. 0.8 per cent of the one percentage point difference between the measures was due to interest rate changes and 0.2 per cent was due to changes in the value of the housing stock and in taxes. But nor can a measure that keeps interest rates constant provide an entirely perfect picture of inflation adjusted for the direct effects of monetary policy. Interest rates are not only affected by the Riksbank changing the repo rate. This applies above all to the long-term interest rates, but also the short-term ones. However, long-term interest rates carry relatively little weight in the interest rate index and the repo rate normally covaries fairly well with shortterm interest rates.
Being engaged internationally is, fortunately, a trait by which Norwegians are known. Maybe we do not always succeed in our endeavours. But the idea of not being engaged, of not using our influence, of not taking the long-term perspective, and instead just standing on the sidelines, is foreign to us. This Fund is global in the truest sense of the word, and it does have a say through its equity holdings, even if this influence is subject to clear limits. The authority to do so is laid down in the mandate and guidelines. It is a task that we have taken on with great commitment and a strong sense of purpose. The management of the Fund is of course subject to certain requirements. But when considering what these requirements should or should not comprise, it is important to tread carefully. Even though globalisation has reduced the emphasis on national borders, we must show caution when we invest in foreign markets – because when we do so, we are entering our neighbour’s house. For one thing, the distinction between ethics and politics may be different in other countries. For another, when we say that a company’s activities are in conflict with the ethical guidelines, we are not only pointing a finger at the company. We are also pointing a finger, albeit indirectly, at the laws and regulations in the country that permits those activities to continue – and we are pointing that finger as a representative of another state.