Már Guðmundsson: Monetary policy - achievements and review?

Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the Monetary policy meeting of the Iceland Chamber of Commerce, Reykjavík, 17 November 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Madame Chairman, honoured guests,

The Iceland Chamber of Commerce has a long-standing tradition of holding a meeting like this one on economic developments and prospects and monetary policy. The meeting is held following the publication of the Central Bank's autumn forecast and, in latter years, the Monetary Policy Committee's interest rate decision. In recent years, it has been the practice to select a particular topic for the meeting, and in keeping with this, today's topic is: Is independent monetary policy too costly? This departs somewhat from the contents of the Central Bank's Monetary Bulletin and current tasks of monetary policy, but I will touch on these towards the end of my speech today.