In other words, uncertainty with regard to the interest rate reflects the monetary policy response to unexpected disturbances in inflation, output and the exchange rate. When the interest rate, as forecast in the baseline scenario, is raised to a more normal level, Norges Bank will be able to assess the effects of interest rate changes and other new information about economic developments. According to our projections, inflation will be close to target three years ahead. We are uncertain as to the functioning of the economy and how long it will take for the resource shortages observed in some sectors of the Norwegian economy to translate into higher inflationary pressures. This may warrant small steps in interest-rate setting. Employment is now rising more rapidly than expected. Corporate earnings are rising sharply, with higher growth in corporate demand for credit. The sharp rise in household debt is continuing. House price inflation remains high. This is to some extent due to structural adjustments, but gives cause for some concern nevertheless. Wide fluctuations in asset prices may be a potential source of instability in demand and output in the somewhat longer run. Prices for oil and several other commodities have picked up further. At the same time, the underlying rise in consumer prices remains low. So far, a tighter labour market does not seem to have resulted in higher-than-expected pay increases, but there is a risk that wage growth may subsequently rise faster than projected. The krone is stronger than assumed.
Luis de Guindos: Interview with Telediario 2, Televisión Española Interview with Mr Luis de Guindos, Vice-President of the European Central Bank, and Telediario 2, Televisión Española, conducted by Mr Carlos Franganillo on 19 March 2020. * * *  One way or another, this massive asset purchase programme will be of particular help to those countries that have been deeply affected, such as Spain or Italy, to ensure that spreads don’t widen dramatically at this critical time. It will help all euro area countries. Some were in a weaker position; their public finances were also more vulnerable than others. But what the ECB will not allow is fragmentation of any kind in the sovereign debt markets and a return to the nightmare caused by widened spreads. We are dealing with a huge health crisis, there is a severe economic crisis and we are going to ensure that it does not result in some kind of financial crisis or debt crisis. This is what we are going to avoid because the ECB is at the service of the European people. The European Central Bank has said that it will do whatever needs to be done to combat this crisis. Does the ECB have more weapons at its disposal for the weeks or months ahead if the situation deteriorates? We can always do more. As you mentioned earlier in your news item, our commitment knows no limits.