Review of the monetary policy regulation
In its Financial Markets Report 2025, the Ministry of Finance has announced a review of the Monetary Policy Regulation in the course of 2026.
In that connection, the Ministry has asked Norges Bank to provide input on some areas of the Ministry’s review of the regulation, as was provided during the previous review in 2018. The task is specified in the letter below.
The Ministry of Finance's letter of 30 April 2025 to Norges Bank (translation by Norges Bank):
Review of the Monetary Policy regulation
As announced in Proposition no. 26 (2024-2025) to the Storting Financial Markets Report 2025, the Ministry of Finance will conduct a review of the Monetary Policy Regulation, laid down by Royal Decree of 13 December 2019. Following a period of particularly high inflation, inflation is now coming down and approaching the target. It may then be appropriate to draw on experience of the operational target of monetary policy. The Ministry proposes to conduct a review of the Monetary Policy Regulation in the same manner as for the process surrounding the modernisation of the regulation in 2018, cf Proposition no. 8 (2017-2018) to the Storting New regulation on monetary policy. The Ministry aims to finalise the review and propose changes, if any, in the course of autumn 2026.
The Ministry of Finance hereby asks Norges Bank to provide a written assessment of its experience of the current monetary policy regulation, and review international experience, including experiences of supply-side shocks, and more recent international research on monetary policy. The deadline for such an assessment is set at 27 March 2026. Furthermore, the Ministry will contact Norges Bank to organise a scientific conference on this topic with broad participation by Norwegian and international experts.
Sincerely
Lars-Henrik Myrmel-Johansen
Secretary General
Amund Holmsen
Director General
See the letter on Ministry of Finance's web page (in Norwegian)