Norway's Gjedrem on monetary policy and the krone

In a speech on 'Monetary policy and the krone exchange rate' given on 26 August, Svein Gjedrem of Norges Bank said growth in the Norwegian economy is projected to pick up markedly this year and remain relatively high next year.

"Given the assumptions underlying the projections in the last Inflation Report, inflation will be considerably lower than the inflation target in the period to the summer of 2006."

"Following the monetary policy meeting on 11 August, the Executive Board stated that with

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