, including the krone exchange rate, debt and house prices. in its interest rate setting, the bank seeks to take into account all the key relationships in the economy, those that influence the real economy and inflation. but there is a limit to the tasks that can be given to monetary policy. monetary policy cannot alone prevent financial imbalances or secure the competitiveness of the norwegian business sector. the objective of monetary policy is low and stable inflation and the bank only has one instrument – the interest rate. inflation expectations are now firmly anchored, which means that norges bank can give weight to stabilising economic developments in interest rate setting. but monetary policy cannot be overburdened. when assessing the various considerations, monetary policy must pursue its primary objective – low and stable inflation. other economic objectives must be pursued using policy tools such as financial regulation, the tax system and fiscal policy. thank you for your attention. bis central bankers ’ speeches

century china, today ’ s security features and materials are very much up to date. banknotes have stood the test of time – and they continue to do so. but, however much that may be the case, the leap into the digital realm has not been made. not yet. with such a leap into the digital realm, we would extend the public ’ s trust in physical banknotes to the digital world. to do so successfully, a banknote ’ s digital twin must have the same features as physical banknotes have today. no one needs to know what you pay for with digital euros – just like with cash. the balance, though, between privacy and other public policy objectives, like countering money laundering and illicit activities, is ultimately for the european co - legislators to decide. everyone must be able to use the digital euro, including the less digitally savvy. just like cash. everywhere in europe, at every point of sale, to every other person, you should be able to pay with the digital euro, just like cash. digital euro holdings will not be remunerated, in line with the non - remuneration of cash. indeed, the digital euro will have all the good things of cash. most notably the offline functionality, which is to be offered from the outset, will be instrumental. offline is the embodiment of a digital version of cash, bringing true and unique added value to consumers and retailers, not just in my home country. a digital euro must provide for both online and offline use cases to fulfill the promise of being able to pay with public money anywhere in europe at any time. © dnb & shutterstock a second reason why we are investigating the digital euro is that it will provide a public answer that – together with private solutions – will lay the puzzle for a more integrated european retail payments market. digitization has brought innovative solutions to the european payments market, but two characteristics stand out : one – our european retail payments market is heavily fragmented along national lines ; and two – our european digital payments market is, essentially, dependent on non - european technologies or non - european parties. to cut to the chase : currently, we do not have a pan - european digital retail payment solution of european origin. and though this doesn ’ t have to be a problem in normal times, it does raise questions about european strategic autonomy in adverse times. because no matter how you look at it, payments – whether cash or digital – are like water