New regulation on monetary policy
The Government has today adopted a new regulation on monetary policy. Norges Bank issued its opinion on the new mandate in a submission of 28 February 2018 to the Ministry of Finance.
In Norges Bank's assessment, the framework for monetary policy has worked well. Inflation has been low and stable, and a flexible inflation targeting regime has helped to dampen the impact on output and employment.
"The new regulation clarifies the monetary policy mandate and underpins the Bank's flexible approach to inflation targeting. In Norges Bank's assessment, the new regulation will not result in significant changes in the conduct of monetary policy," says Governor Øystein Olsen.
Norges Bank will provide a further account of the monetary policy outlook in Monetary Policy Report 1/18 to be published on 15 March.
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