Norges Bank deputy discusses institutional underpinnings of central bank activities
The monetary system is an institution that simplifies trade in goods and thereby promotes the division of labour, productivity and economic prosperity, Norges Bank deputy Jan Qvigstad said in a speech on Tuesday, adding that money is "like oil in the machinery" and the monetary system "not a goal per se".
Whereas the value of money used to be equal to its weight in precious metal, Qvigstad said, it now rests on a central bank's promise of price stability. "Underpinning this promise is an
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