Már Guðmundsson: A turning point

Keynote speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the annual monetary policy meeting of the Iceland Chamber of Commerce, Reykjavík, 8 November 2018.

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

Mr. Chairman, honoured guests,

Once again, we gather here at the Iceland Chamber of Commerce's monetary policy meeting, which for years has been held after the Central Bank has published its autumn forecast and, in latter years, the Monetary Policy Committee's interest rate decision. I would like to thank the Chamber of Commerce for continuing this tradition and for giving me the opportunity to talk to you about monetary policy.

The economy is now at a turning point, with a strong upswing and below-target inflation giving way to weaker growth and increased inflationary pressures.