Svein Gjedrem, the governor of the Norges Bank, on 6 September explained the central bank's monetary policy strategy and said a more gradual transition towards a normalisation of interest rates would be required for the sake of growth.

Gjedrem said a monetary policy that is solely concerned with bringing inflation rapidly back to target would imply that the interest rate should rapidly have been reduced to below 1% and raised rapidly again to prevent economic activity and inflation from growing