Norway's Bergo on cyclical developments

In a speech on 'Monetary policy and cyclical developments' given on 18 October, Jarle Bergo of Norges Bank said in Norway output growth has picked up after a pause in 2003. The interest rate reductions since 2002 have contributed to a turnaround and the economy has experienced a soft landing following the years of high cost inflation in Norway and the period of weak activity in the world economy.

"In autumn 2003, activity in the global economy picked up from a very low level. After rising

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