At its meeting on 12 June 2019, the Executive Board discussed the economic outlook, the monetary policy stance and the need for a countercyclical capital buffer for banks. On the basis of this discussion and a recommendation from Norges Bank’s management, the Executive Board made its decision on the policy rate at its meeting on 19 June 2019. The Executive Board also approved Norges Bank’s advice to the Ministry of Finance on the level of the countercyclical capital buffer. The report contains Norges Bank's assessment of the outlook for the key policy rate and the countercyclical capital buffer for banks. The assessments are based on the economic projections presented in this report. Published four times a year: March, June, September and December.