Continuity in monetary policy communication
Norges Bank’s Monetary Policy and Financial Stability Committee was established by the new Central Bank Act, which entered into force on 1 January 2020. The Committee is responsible for the conduct of monetary policy and shall contribute to the work to promote financial stability.
“We give weight to continuity in the communication of monetary policy. At the same time, it is natural for the new Committee to develop communication further over time”, says Governor Olsen.
The new governance structure entails changes to decision-making processes. The Committee will be involved earlier in the rate-setting process than under the previous regime.
Norges Bank’s communication shall be transparent, accountable and clear. Information about the orientation of monetary policy will be published in “The Monetary Policy and Financial Stability Committee’s Assessment”, and provide comprehensive and simultaneous information to all stakeholders. The Committee’s assessment will reflect an exchange of views within and assessments by the Committee, and any dissents will be reported. Detailed minutes of the meetings will not be published. Summary minutes of monetary policy meetings will not contain any monetary policy assessments other than what appears in the Committee’s assessment.
The Governor is the Committee’s external spokesperson. Press conferences will continue to be held in conjunction with the monetary policy meetings that coincide with the publication of the Monetary Policy Report.