Impact de la non compensation (netting) des opérations sur les dérivés sur le total bilan et les leviers des banques US  Augmentation du total bilan si non compensation des opérations sur dérivés (hors repos)  Impact du netting sur les ratios de levier des banques  Source : Risk.net (d’après Credit Suisse et Fitch)  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, 23 May 2005. The  Charts in pdf-format can be found on the Norges Bank’s website. Please note that the text below may differ slightly from the actual presentation. The statement is based, among other things, on Norges Bank’s Annual Report for 2004, Inflation Report 1/2005 and the assessments published after the monetary policy meeting of the Executive Board on 20 April. *  *  *  I would like to take this opportunity to thank the Storting for again inviting me to appear before this Committee on behalf of Norges Bank in order to report and answer questions on monetary policy in connection with the Storting’s deliberations on the Government’s Credit Report. The introductory statement 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. Flexible inflation targeting Monetary policy in Norway is oriented towards low and stable inflation. This is the most important contribution monetary policy can make to sound economic developments in the long term. The inflation target provides enterprises and households with an anchor for future inflation expectations. When there is confidence in the inflation target, monetary policy can contribute to stabilising developments in output and employment.