Central bank experts have adjusted the figures based on the assumption that actual demand accounts should see a growth similar to that of currency in circulation, as it was the case in previous years. Hence, it would appear that quasi-money rose over 80% December 2004 through August 2008 versus only 40% as indicated by statistical data. In other words, both household and corporate savings in domestic currency expanded at a pace much faster than that of time deposits. These statistics led the media to comment on a would-be stalemate in RON-denominated savings. The NBR specialists will make sure these developments are explained in further detail. This is how a fiscal policy slippage entails both a contraction in budget revenues and potential errors in assessing monetary developments. Given the heightened turbulences on the international financial markets in the last few weeks and the fact that the NBR is vigilantly monitoring these developments, I believe we should refer to their potential impact on the domestic financial system and on the Romanian economy as a whole. The Romanian banking sector is still affected mainly by increased external financing costs. The limited impact is due to domestic financial environment characteristics, as well as to the prudential monetary policy and financial stability strengthening measures adopted by the central bank over the years. Let me highlight the most important of these measures. First and foremost, credit institutions in Romania do not have exposures to subprime instruments, which lie at the root of the turmoil.
Svein Gjedrem: Monetary policy, securities markets and municipalities Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at the anniversary seminar, Kommunalbanken, 30 August 2002. Please note that the text below may differ slightly from the actual presentation  *  *  *  In my address today I will touch on three themes. First, I will discuss monetary policy and its influence on municipalities’ financial position, followed by some remarks on the Norwegian bond market and Kommunalbanken AS. I will then conclude with some reflections on the challenges associated with the pension system and the interplay with securities markets. Municipalities’ financial position and monetary policy  Guidelines for economic policy  • Fiscal policy: - guideline for use of petroleum revenues: • use real return on Petroleum Fund • smooth fluctuations in the economy  • Monetary policy: - inflation target  SG Kommunalbanken, 30.august 2002  Norway’s economic policy is based on the guidelines for fiscal and monetary policy. The guideline for fiscal policy states that the use of petroleum revenues over the central government budget shall be equivalent to the expected real return on the Government Petroleum Fund. Most of the phasing in of petroleum revenues will take place over the next ten years. With a 4 per cent return on the Petroleum Fund, the use of petroleum revenues will rise to almost 5 per cent of mainland GDP in 2010.