Norway's Gjedrem on the conduct of monetary policy

In the speech 'The conduct of monetary policy' given on 10 May Svein Gjedrem of Norges Bank said the fall in prices for imported goods and services and the increase in export prices have provided the Norwegian economy with an appreciable income boost.

"The mainland economy has expanded rapidly in recent years. At the same time, inflation has remained low. Increased efficiency and an ample supply of labour have made a contribution to these developments. There are now limited idle resources.

"Moneta

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