Monetary Policy Report 3 11 October Reports from the Central Bank of Norway No. 4/2011 Monetary Policy Report 3/2011 Norges Bank Oslo 2011 Address: Bankplassen 2 Postal address: Postboks 1179 Sentrum, 0107 Oslo Phone: +47 22 31 60 00 Fax: +47 22 41 31 05 E-mail:
[email protected] Website: http://www.norges-bank.no Editor: Øystein Olsen Cover and design: Burson-Marsteller Printing: 07 Gruppen AS The text is set in 10½ point Times New Roman / 9½ point Univers ISSN 1504-8470 (print) ISSN 1504-8497 (online) Monetary Policy Report The Report is published three times a year, in March, June and October/November. The Report assesses the inter- est rate outlook and includes projections for developments in the Norwegian economy and analyses of selected themes. At its meeting on 10 August 2011, the Executive Board discussed relevant themes for the Report. At the Executive Board meeting on 5 October, the economic outlook and the monetary policy stance were discussed. On the basis of this discussion and a recommendation from Norges Bank’s management, the Executive Board adopted a monetary policy strategy for the period to the publication of the next Report on 14 March 2012 at the meeting held on 19 October. The Executive Board’s summary of the economic outlook and the monetary policy strategy are presented in “The Executive Board’s assessment”. In the period to the next Report, the Executive Board’s monetary policy meeting will be held on 14 December. Table of contents The Executive Board’s assessment 7 1.