Norway's Gjedrem: Conduct of monetary policy

In a speech on 'The conduct of monetary policy' given on 28 September, Svein Gjedrem of Norges Bank said growth is high in the Norwegian economy and there are prospects of continued strong growth in petroleum investment in 2005. Employment is rising, albeit still at a moderate pace.

"Last year, Norges Bank reported that inflation had declined to a low level, but we projected a gradual increase. We highlighted the uncertainty surrounding the inflation projection and indicated that inflation might

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