capital gains (left scale)  550  0.28  450  0.26  350  0.24  250  0.22  150  0.20  50  95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16  Note. The Gini coefficient is a measure of statistical dispersion of, for instance, incomes. The Gini coefficient can be between 0 and 1, where a higher value entails greater inequality. The figures are from Statistics Sweden’s surveys Household finances 1995-2011 and Income and tax statistics 2011-2015. Sources: Macrobond and Statistics Sweden  As I mentioned earlier, there is nothing unusual in asset prices rising during periods when monetary policy is stimulating the economy. On the other hand, it is 3 [14]  of course unusual that monetary policy has stimulated the economy to this extent and that the Riksbank has not eased up on the accelerator as economic activity has continued to increase and asset prices have risen. So a natural first question is: why has monetary policy been this way? The short answer is: because the inflation target is worth defending. You have heard my colleagues on the Executive Board and I say it many times before, but it is worth repeating. From my perspective, the inflation target of 2 per cent has played a central role in the Swedish economy – and I am sure I share this opinion with many of you here today.
Egil Matsen: US Senate Democrats’ Special Committee on the climate crisis Opening remarks by Mr Egil Matsen, Deputy Governor of Norges Bank (Central Bank of Norway), at the meeting, Washington DC, 17 October 2019. * * * Chairman Schatz, I thank you for inviting Norges Bank, together with other NGFS-member central banks, to the U.S. Senate Democrats’ Special Committee on the Climate Crisis. I appreciate the opportunity to discuss climate-related economic and financial risks and relevant central bank strategies to address those risks. Norges Bank’s mission is to promote economic stability by conducting monetary policy and monitoring the financial system. Our central bank also has the responsibility for managing Norway’s SWF, the Government Pension Fund Global (GPFG), in accordance with a mandate issued by the Ministry of Finance. A feature common to both of these mandated responsibilities is the identification and management of risk. In addressing these risks, we should always work within our mandates. For central banks that means taking a comprehensive view of factors impacting the economy and the risks we face, while upholding market neutrality and preserving our independence. Climate risk, the economy and financial stability The scientific basis for climate change is widely accepted. The physical impacts of climate change and measures to mitigate its impact, will affect all parts of the economy and have consequences for the financial system. Consequently, climate risk is a relevant consideration for central banks.