It may take some time before interest rates are increased substantially in the US. Growth in Asia is solid, but a global rise in interest rates is unlikely to start there. Inflation is higher in the euro area than in the US and approximately in line with the objective defined by the European Central Bank. In the euro area, however, capacity utilisation is very low, unemployment high and the outlook for growth is weaker. Recently, inflation has moderated slightly. Against this background, it will probably also take time before interest rates rise markedly in the euro area. Interest rates abroad have been unusually low for 2½ years, and it appears they will remain low for a period ahead. This poses a challenge to monetary policy in Norway. Growth in the Norwegian economy has picked up. Lower interest rates have contributed to sustaining growth in private consumption. Household demand will probably be the most important driving force in the Norwegian economy in the period ahead. Against the background of high real income growth, improved job security and expectations of continued low interest rates ahead, household consumption is expected to exhibit strong growth. Petroleum investment exhibited brisk growth in 2003. Growth in petroleum investment would appear to continue in 2004, but probably at a slower rate than in 2003. Low interest rates and house price inflation imply higher housing investment in the period ahead. Fiscal policy also contributes to stimulating activity.
Closing remarks for the 13th edition of the Regional Seminar on Financial Stability Florin Georgescu, First Deputy Governor of the National Bank of Romania Bucharest, September 13, 2019 Distinguished Guests, Ladies and Gentlemen,   We have reached the end of the 13th edition of the Regional Seminar on Financial Stability and it is my pleasure to provide some closing remarks.  After two days of interesting presentations and intense debates, I will try to summarize some of the ideas presented here.  In this year’s edition of the Financial Stability Seminar, whose topics was “Inclusion and Financial Stability”, we have discussed about: o Financial inclusion and income inequality o Correlation between macroprudential policy and financial inclusion o Access to banking financing o Climate-related risks All these were discussed in the context of financial stability.  Some of the subjects, like macroprudential policy and its effects, were discussed in-depth these days, but also in the previous editions of the seminar. And that’s how it should be. This policy represents a key element in ensuring financial stability.  Macroprudential policy, according to ESRB recommendation, has ”the ultimate objective to contribute to the safeguard of the stability of the financial system as a whole, including by strengthening the resilience of the financial system and decreasing the build-up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth”.