Øystein Olsen: Economic perspectives

Annual address by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), to the Supervisory Council of Norges Bank and invited guests, Oslo, 15 February 2018.

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

"All things will pass, even a crisis. After the darkness comes the dawn."¹

With these words, former central bank governor Nicolai Rygg summarised the turning point in the 1930s.

The advanced economies have emerged from another challenging period. Ten years ago the world economy was hit by a shock and thrown into the deepest recession since the 1930s (Chart 1).