Norges Bank deputy discusses institutional underpinnings of central bank activities

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The monetary system is an institution that simplifies trade in goods and thereby promotes the division of labour, productivity and economic prosperity, Norges Bank deputy Jan Qvigstad said in a speech on Tuesday, adding that money is "like oil in the machinery" and the monetary system "not a goal per se".

Whereas the value of money used to be equal to its weight in precious metal, Qvigstad said, it now rests on a central bank's promise of price stability. "Underpinning this promise is an

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