Vinod Rai, Comptroller and Auditor General of India and chair of the Knowledge Sharing Committee, presented his report to the Governing Board and the XX INCOSAI. According to the INCOSAI strategic plan, the purpose of goal 3 is to encourage SAI cooperation, collaboration, and continuous improvement through knowledge sharing, including providing benchmarks, conducting best practice studies, and performing research on issues of mutual interest and concern. In addition to Rai's report, the individual working groups and task forces reported on their goals and achievements. This article summarizes the activities and accomplishments of goal 3 working groups and task forces.
The most acute phase of the global economic crisis appears to have passed. Output growth has resumed in most parts of the world. It appears, however, that the upturn in advanced economies will only be moderate and that the economies of many countries will be marked by considerable spare output capacity and high unemployment ahead. The crisis has given rise to new imbalances that will dampen the recovery. Weak prospects have contributed to a marked decline in interest rate expectations in many countries. New information suggests that the recovery in the Norwegian economy is continuing, but that capacity utilization is probably somewhat lower than anticipated in autumn 2009. Monetary policy cannot fine-tune developments in the economy, but it can mitigate the most severe effects when the ...
Inflation has been slightly higher than projected. Measured by the consumer price index (CPI), inflation is now higher than 3%. A strong rise in prices for electricity and petrol has pushed up CPI inflation since autumn 2007. Inflation has increased in many countries. Oil and gas prices have risen further through spring. Capacity utilization in Norway is high. An ample supply of labor, strong productivity growth and considerable terms of trade gains through several years have boosted the growth potential of the Norwegian economy. Growth in the Norwegian economy seems to have slowed as expected in 2008 Q1. Enterprises in Norges Bank's regional network report high capacity utilization but moderating growth in most of the industries. Monetary policy in Norway is oriented towards annual con...
In presenting his report to the congress, Capacity Building Committee (CBC) chair Ahmed El-Midaoui, First President of the Court of Accounts of Morocco and goal 2 chair, noted that capacity building is central to the INTOSAI strategic plan's vision of strengthening SAIs globally. To help achieve this, INTOSAI's strategic goal 2 focuses on institutional capacity building. Its objective is to build the capabilities and professional capacities of SAIs through training, technical assistance, developing advisory and consultant services, promoting best professional practices, peer review, developing partnerships with international development organizations, and other development activities. Since its inception, the CBC has developed six guides that can be found on the committee's Web site (ht...
The operational target of monetary policy in Norway is low and stable inflation, with annual consumer price inflation of approximately 2.5% over time. Norges Bank has cut the policy rate considerably in response to the challenges generated by the global crisis. The key policy rate has been reduced by 4 1/2 percentage points since September. Under the swap arrangement, the government has provided banks with access to liquid government has provided banks with access to liquid government paper in exchange for covered bonds. So far, the rise in prices Norway has held up. The year-on-year rise in consumer prices was 3.0% in May this year. An indicator of inflation expectations in financial markets can be derived from developments in the long-term forward rate differential between Norway and ...
Money market rate premiums have been high and volatile. The difference between money market rates and central bank key rates has been the widest since the international financial turbulence started in August last year. Norwegian money market rates increased sharply after international risk premiums spilled over into the Norwegian market. Foreign exchange markets have also been volatile. Investors have shown interest in the large and most liquid currencies. Growth is also slowing in the Norwegian economy. Household consumption has stagnated and house prices are falling. Monetary policy in Norway is oriented towards annual consumer price inflation of close to 2.5% over time. In recent years, inflation has on average been somewhat lower, but fairly close to 2.5%. A deep and protracted glob...
Consumer price inflation remains moderate even though the cyclical upturn in the Norwegian economy is in a mature phase. Underlying inflation has been fairly stable and ranged between 1% and 1 1/2% over a longer period. Growth in the Norwegian economy has been strong. High income growth and high income expectations, combined with low interest rates, have led to brisk growth in demand in the business, household and public sectors. So far, there are few signs of a slowdown in the Norwegian economy. There are prospects that the strong expansion will be sustained for a longer period than previously envisaged. The growth outlook for the world economy remains favorable. Monetary policy cannot fine-tune developments in the economy, but must counter the effects of large disturbances to the econ...
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