to a situation where long - term investments have to give way to shorter - term investments. it is often those with low incomes and the smallest buffers that are hit hardest when prices rise rapidly and unexpectedly. the operational target of monetary policy in norway is inflation of close to 2 per cent over time. but we are not solely focused on inflation. inflation targeting must be flexible, so that it can also contribute to high and stable output and employment. in the long term, there is no conflict between low inflation and high employment. price stability is a precondition for an efficiently functioning economy. in the long run, we cannot trade off higher inflation for higher employment. in the short term, however, there may be a conflict between these two considerations as we approach each policy rate decision. a trade - off must therefore be made between the objectives of low inflation and high employment. we interpret the mandate to mean that we must give considerable weight to employment also in the current situation with inflation markedly above the target. røisland, ø. ( 2023 ). “ nar kan lønns - prisspiraler oppsta? om samspillet mellom pengepolitikken og lønnsdannelsen “ [ when can wage - price spirals arise? on the interaction between monetary policy and wage formation ]. samfunnsøkonomen nr. 3 – 2023 ( in norwegian only ). 12 bergholt, d., ø. røisland, t. sveen and r. torvik ( 2023 ). “ monetary policy when export revenues drop ”. journal of international money and finance, 137. norges bank economic perspectives 2024 chart 5 we make use of our monetary policy leeway cpi. four - quarter change. percent registered unemployment as a share of the labour force. seasonally adjusted. percent inflation target sources : norwegian labour and welfare administration, statistics norway and norges bank since autumn 2021, we have raised the policy rate sharply and rapidly to tame inflation. throughout, we have emphasised the need to avoid a sharp rise in unemployment. while we still have a ways to go, inflation is now heading down. we could have brought inflation down faster, but unemployment would probably have risen more. the trade - offs we make are expressed in our forecasts ( chart 5 ). we expect inflation to gradually approach target in the years ahead, with unemployment edging up to about its pre -

emmanuel tumusiime - mutebile : brief look at payment systems, financial markets and the micro - finance sector in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the farewell dinner of mr peter rhode, kampala, 28 september 2007. * * * your excellency the ambassador of germany mr. peter rhode, outgoing director, gtz / financial system development programme, chief executives of financial institutions, distinguished guests, ladies and gentlemen, this evening, as you are all aware, we are attending a farewell dinner in honour of mr. peter rhode, the outgoing director of the gtz financial systems development programme ( fsd ). mr. rhode has been director of the gtz / financial sector development programme since 2002. the fsd programme has several project components, covering a number of areas including payment systems, financial markets, and the micro - finance sector. under the able leadership of mr. peter rhode, the gtz financial sector development programme has played an important and commendable role in the development of the national payment system, financial markets and the micro - finance sector. mr. peter rhode played an active and positive role in the acquisition and implementation of the real - time gross settlement ( rtgs ) system, otherwise referred to as the uganda national inter - bank settlement ( unis ) system. mr. rhode personally oversaw the recruitment of a qualified and experienced consultant who worked with bank of uganda staff to carefully and objectively evaluate the rtgs bids. as an rtgs system is a critical national economic infrastructure that facilitates the efficient and safe transfer of monetary value between transacting parties, bank of uganda is grateful to mr. rhode's contribution in implementing the system in uganda. the east african community is in the process of implementing an east african cross border payment system to faciiitate the efficient and safe transfer of monetary value within the region. as the community becomes more economically and socially integrated, the implementation of an efficient cross border payment system to support increased levels of regional trade and social interaction becomes a strategic imperative. i am glad to note that mr. rhode has been supportive of the cross border payment system project, and gtz has contributed to the enhancement of the bank's technical capacity in the design and management of multi - currency cross border payment systems. during his term, mr rhode has placed a lot of emphasis on capacity building in the different areas of the financial sector. indeed, the fsd programme