Norges Bank Watch 2006
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Overall, monetary policy in Norway is quite successful. The interest rate setting in the past 2-3 years has contributed to a strong development of the Norwegian economy, without sacrificing price stability. Now, the issue is when and by how much monetary policy should be tightened, to avoid an excessive stimulation of the economy. Since the adoption of an inflation target five years ago, Norges Bank has been determined to learn and improve, as well as to being open and transparent. The Bank’s policy, analysis and communications have developed and improved over time. However, there are still some areas where we believe that things should be done differently, and these issues have received particular attention in our report. Our overall judgment is, however, that Norges Bank is doing a very good job.