Macroprudential policies are required regardless of the monetary-policy regime in place, said Svein Gjedrem, the governor of the Norges Bank.

Gjedrem said that the challenge of implementing macroprudential policy measures was establishing a level playing field and avoiding competition among regulatory authorities. He also said that the effect of the international downturn on Norway's economy was stronger than it would have been with a better domestic regulatory framework.

He said that to guard