Norway's Gjedrem on inflation targeting

In a speech on 'Inflation targeting - some theory with main focus on practice' given on 8 June, Svein Gjedrem of Norges Bank said Norges Bank placed increasing emphasis on low and stable inflation and a formal inflation target for monetary policy was introduced in the spring of 2001. Inflation targeting is now the norm in small and medium-sized open economies.

"The new monetary policy system that has gained international support has essentially been developed in concert by finance ministries and

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