In the Financial Markets Report 2015 presented on 22 April 2016, it was announced that in parallel with the work of the committee that is considering a new Norges Bank Act, the Ministry of Finance would assess the need to modernise the Regulation on Monetary Policy. In this connection, Norges Bank has been asked to assess its experience with the monetary policy framework in Norway since 2001. This paper presents a discussion of the shocks to which the Norwegian economy has been exposed in the inflation targeting period, the monetary policy response to these shocks and the lessons that can be drawn with regard to the challenges and trade-offs monetary policy has. The paper was submitted to the Ministry of Finance on 31 January 2017.