Transparency and disclosure are the institutional solution to this problem. Even if a central bank is independent in the conduct of monetary policy, it must be accountable to government. We must be measured on our performance, but also on our assessments and decisions. This requires transparency. The need for transparency therefore depends on the monetary policy regime. Internationally, there is also a tendency for inflation-targeting central banks to be more transparent than countries with a fixed exchange rate regime. 19 Transparency about Norges Bank’s activity is required by law. When the Storting (Norwegian parliament) amended §100 on the freedom of expression in the Constitution, the freedom of information principle was enshrined in the Constitution. 20 This was the first time this article had been amended since 1814. The legislative amendments were partly based on the proposals of the Freedom of Expression Commission, which was headed by Professor Francis Sejersted. 21 In addition, Norges Bank is subject to a transparency requirement in the Freedom of Information Act and the Act on Norges Bank and the Monetary System. 22 In some areas, we are even more transparent than what is required by law. Norges Bank’s Monetary Policy Report includes a thorough account of our assessments of economic developments and interest rate setting. As mentioned in the introduction, we even publish a forecast for our future interest rate decisions. After each monetary policy meeting, a press conference is held where we explain the interest rate decision and answer questions from journalists.

Lim Hng Kiang: Trade links and business opportunities for Singapore Congratulatory remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Daiwa Securities Group 35th Anniversary, Singapore, 25 June 2007. *  *  *  Your Excellency Mr Takaaki Kojima, Ambassador of Japan to Singapore, Mr. Shigehara Suzuki, President & CEO Daiwa Securities Group Inc., Mr. Shin Yoshidome, President Daiwa Securities SMBC, Distinguished Guests, Ladies and Gentlemen. Good Evening, I am delighted to be here this evening for the joyous occasion of Daiwa Securities Group’s 35th anniversary in Singapore. This marks yet another important milestone for Daiwa, and your continued commitment to Singapore. Daiwa’s growth story in Singapore Set up in 1972, Daiwa has grown from strength to strength over the years. From the early collaboration in 1971 with Development Bank of Singapore to issue the first Asian Dollar Bond, Daiwa has over the years expanded to provide a full spectrum of financial services. Today, all of Daiwa’s major business units are represented in Singapore, covering securities brokerage, investment banking, asset management and more recently, wealth management as well. Singapore has also grown to become a key node in Daiwa’s overseas network, managing your business operations in South Asia & Oceania. I am encouraged to hear that on the occasion of Daiwa’s 35th anniversary celebrations, you have also announced plans to boost activities in Singapore and the region. I understand these new activities include M&A and private equity investments.