Press Release

Nr. 22/98
Date: 6 May 1998

Minister of Finance Gudmund Restad: - Norwegian monetary policy unchanged after the introduction of the euro

Minister of Finance Gudmund Restad today confirmed that monetary policy will continue to be aimed at maintaining a stable exchange rate vis-à-vis European currencies after the euro is introduced the 1st of January 1999.

In the Government's view, the introduction of the euro has no implications in itself for the choice of monetary policy regime.

Norges Bank, the Norwegian Central Bank, gave its advice concerning the EMU and Norwegian monetary policy to the Ministry of Finance in a letter dated the 24th of April 1998. The central bank emphasises the need to ensure continuity and credibility, and advises the government to preserve the existing guidelines for monetary policy. Norges Bank states that the euro will be included as an important European currency in the implementation of monetary policy, in the same way as ECU today is a key monetary policy parameter for Norway.

A more comprehensive discussion of monetary policy will be presented in the Revised National Budget for 1998 on May 15th.

Contact: Anne-Sissel Skånvik, telephone +47 22 24 41 09