Norway becomes first European nation to boost rates
Svein Gjedrem, governor of Norway's central bank, cited inflationary pressures and lower-than-expected unemployment as Norway broke out as the first country in Europe to increase interest rates since the beginning of the global financial crisis. "This action reflects the fact that Norway's huge oil surplus and supportive fiscal policy have helped to insulate the economy from the worst of the global economic downturn," Capital Economics' Ben May wrote in a research note. "Accordingly, it is unlikely that other central banks in the region will follow suit and hike rates anytime soon."
New York Times, The | 28 Oct.
This story published in SIFMA Global SmartBrief on 10/29/2009
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