olli rehn : remarks - bank of finland institute for emerging economies ’ ( bofit ) 30th anniversary dinner opening remarks by mr olli rehn, governor of the bank of finland, at bank of finland institute for emerging economies ’ ( bofit ) 30th anniversary dinner, helsinki, 9 november 2021. * * * ladies and gentlemen, your excellencies, dear friends and partners of bofit, may i wish you a very warm welcome to this anniversary dinner and to the bank of finland. i am delighted that you have been able to join us this evening to celebrate bofit ’ s 30th anniversary with us. we highly appreciate our partnership with you, in academia, the media and administration, a partnership that goes back many years. while bofit is a dynamic, no doubt cool and chillzoomer at 30, its home base – the bank of finland – is already a grown - up boomer at 210 years of age. in the global history of central banking, the bank of finland is certainly no novice. founded in 1811, the bank of finland is the fourth oldest central bank in the world today. only the swedish, british and french central banks are older than us. however, we could even make a claim to share sweden ’ s top position – its central bank, riksbanken, was founded in 1668 when finland was still firmly part of the kingdom of sweden! in fact, our best - known economist before the 2016 nobelist bengt holmstrom, was anders chydenius, who played a very active role in the economic policy debates of 18th century stockholm. he was so active in monetary policy that he was effectively sacked from the riksdagen, the swedish parliament, since he was calling for an end to the hard currency approach that was ruining the nation ’ s industries. no wonder he gained a reputation as a champion of free speech and freedom of expression! anyway, following its foundation the bank of finland played a catalyst role in the nation - building process in finland. autonomous institutions in economic and monetary policy - making were established in parallel with the evolution of an increasingly politically aware civil society and newspapers. these were followed by political and constitutional independence. and some decades later on friday 1 december 1939, the government of the winter war was essentially constructed on these very premises, on the second day of the war when helsinki was bombed by soviet planes. the decision was shaped in a meeting of vaino tanner, the great ” old mensh

øystein olsen : the conduct of monetary policy introductory statement by mr øystein olsen, governor of norges bank ( central bank of norway ), at the hearing before the standing committee on finance and economic affairs of the storting ( norwegian parliament ), oslo, 4 may 2015. * * * please note that the text below may differ from the actual presentation. accompanying charts can be found at the end of the speech or on the norges bank ’ s website. i would like to thank the chair of the committee for this opportunity to report on the conduct of monetary policy. my introduction here today is based on norges bank ’ s annual report for 2014 and our monetary policy assessments up to the monetary policy meeting in march. chart : inflation and projected capacity utilisation monetary policy in norway is oriented towards keeping inflation low and stable. the operational target is consumer price inflation of close to 2. 5 percent over time. the inflation target provides the economy with a nominal anchor. inflation has edged up in recent years and hovered around 2. 5 percent through 2014. when inflation expectations are firmly anchored, monetary policy can serve as the first line of defence when the economy turns down. monetary policy seeks to be robust and takes into account the risk of particularly adverse economic outcomes. the goal is to avoid an abrupt economic downturn and higher unemployment. in the event of major shocks, for instance a sharp drop in oil prices, this may imply a more active monetary policy than normal. the consideration of robustness also implies that monetary policy seeks to mitigate the risk of a build - up of financial imbalances. hence, house price inflation and debt growth are also important for monetary policy. norges bank weighs the different types of risk against each other. six years have now passed since the global economy was hard hit by the financial crisis. the norwegian economy has fared well in the years following the financial crisis, stimulated by vigorous activity in the petroleum industry. growth has slowed in recent years and a decline in oil investment will result in low growth for a period. against the background of weaker growth prospects for the norwegian economy and reduced foreign interest rates, norges bank lowered its forecast for the key policy rate through 2014 and reduced its key policy rate in december 2014. chart : money market rates for trading partners global economic growth remains moderate, but there are wide differences across countries. the sharp fall in oil prices is positive for most of our trading partners, but is dampening activity in oil - producing