Toward that end, the Desk presented at the June 2015 FOMC meeting an update on a review of the counterparty framework, and indicated that we anticipate regular reviews of the counterparty framework roughly every three years in the future.14 We look forward to working with our official and private sector partners represented in this room as we pursue these goals. Thank you. 13  For more on policy normalization, see these three earlier speeches: “Interest Rate Control during Normalization,” “Money Markets and Monetary Policy Implementation” and “Implementation of Open Market Operations in a Time of Transition.”  14  See the minutes from the FOMC meeting of June 16–17, 2015. BIS central bankers’ speeches  7
Svein Gjedrem: The conduct of monetary policy Introductory statement by Mr Svein Gjedrem, 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, 22 May 2006. Please note that the text below may differ slightly from the actual presentation. The statement is based on Norges Bank’s Annual Report for 2005, Inflation Report 1/2006 and the Executive Board’s assessments published after the monetary policy meeting on 26 April. The  Charts in pdf-format can be found on the Norges Bank’s website. *  *  *  I would like to thank the Chairman of the Committee and also thank for this opportunity to report and answer questions on monetary policy in connection with the Storting’s deliberations on the Government’s Credit Report. The account is based on the Bank’s Annual Report, but is also updated based on the Executive Board’s assessments for the period to the preceding monetary policy meeting. Economic policy in Norway faces particular challenges. Low prices for imported goods and services, combined with high prices for export goods, have led to substantial terms-of-trade gains for Norway. The Norwegian economy has experienced a strong positive income shock. Such a pronounced improvement in the terms of trade has in fact not been observed since the First World War. Real national disposable income will increase by 25-30 per cent in the period 2003-2006.