Jan Qvigstad, the deputy governor of the Norges Bank, established three "universally valid" lessons that central banks should take from history, in a speech on November 13.

One lesson is that the simplest solution "is often the best", as simple rules can be capable of preventing the worst problems, he said.

Another lesson is that confidence is essential for monetary policy, although it is "easily eroded" and can be difficult and costly to restore.

Finally, Qvigstad said economic problems require