Particularly economic independence of central banks – the freedom of taking policy decisions independently of political interference – places Chile well above the average level of independence of both emerging and developed economies in 2003. Chile has shown a responsible fiscal policy, which has contributed significantly to successful monetary policy. During the 1990s, the fiscal balance averaged a surplus of 1.5% of GDP. The above-mentioned structural fiscal surplus rule stabilizes government spending over time, by linking it explicitly to permanent government revenue. Therefore fiscal dominance of monetary policy is ruled out in Chile, as a result of central bank autonomy and Chile’s sound fiscal policy. Public debt has shown a substantial decline since the 1990s, as a result of prudent fiscal policy. The share of consolidated gross public debt has been reduced from 76% of GDP in 1990 to 20% of GDP in 2006, whereas the consolidated net public debt position turned from 34% of GDP in 1990 to -6% in 2006 (figure 3). The successful performance of the fiscal position has been enhanced by the fiscal balance rule applied since 2001 (figure 4). Chile’s good growth performance, complemented by a market-based incentive structure, appropriate regulation and sound supervision of the financial system, has resulted in a safe and sound financial system and deep capital markets. As a result of the major banking crisis that came with the deep 1982-1983 recession, the 1986 Banking Law enhanced regulation and supervision of the financial system.
Under the strategy plan for 2020-2022, the Executive Board will continue to use external managers in markets and market segments where local knowledge is particularly relevant. After the Storting had discussed the white paper on the GPFG in 2019, the Ministry gave Norges Bank permission to invest in unlisted infrastructure for renewable energy. This is reflected in the strategy for the next three years adopted by the Executive Board. The Bank will assess each investment in relation to risk and return. The management of the GPFG is required to be cost-effective. Norges Bank aims to keep total 1/2  BIS central bankers' speeches  internal management costs in the period 2020-2022 below 0.05 percent of assets under management. In recent years, the number of Norges Bank Investment Management (NBIM) employees has been reduced and administrative support functions across the Bank are being streamlined. The Executive Board will continue to monitor costs closely. In the course of 2020, the Executive Board has strengthened the Bank's work as advisor to the Ministry, in accordance with our new mandate. In this year's white paper, the Ministry proposes changes in the composition of the equity benchmark index. The equity allocation to Europe will be reduced somewhat over time, and the allocation to North America will be correspondingly increased. This is in line with Norges Bank's advice. Norges Bank works systematically to set principles, exercise ownership rights and invest responsibly. Our work on responsible investment underpins the objective of the highest possible return.