natgillin/translations-raw huggingface dataset:
In recent years, the tradition of pilgrimage has been renewed, and pilgrims both form Norway and abroad are now once more starting out on their journey towards the Nidaros cathedral, as a Nordic parallel to the roads leading to Santiago de Compostela in Spain.
In recent years, the tradition of pilgrimage has been renewed, and pilgrims both form Norway and abroad are now once more starting out on their journey towards the Nidaros cathedral, as a Nordic parallel to the roads leading to Santiago de Compostela in Spain.
However, if we turn our eyes to the present, I am proud to say that the city can now rightly be described as the technological capital of Norway.
However, if we turn our eyes to the present, I am proud to say that the city can now rightly be described as the technological capital of Norway.
And as such it is still building the nation: Norway’s technological advances in the past century and nowadays is mainly due to the location of high-standing institutions of higher education and research in this city.
And as such it is still building the nation: Norway’s technological advances in the past century and nowadays is mainly due to the location of high-standing institutions of higher education and research in this city.
During the last 100 years more than eighty per cent of the country’s graduate engineers have been educated in this city.
During the last 100 years more than eighty per cent of the country’s graduate engineers have been educated in this city.
The graduates of the university and colleges in Trondheim have thus literally been building the nation for almost a century.
The graduates of the university and colleges in Trondheim have thus literally been building the nation for almost a century.
In Norway, Norwegian University of Science and Technology (NTNU) is also on the forefront of international cooperation in higher education.
In Norway, Norwegian University of Science and Technology (NTNU) is also on the forefront of international cooperation in higher education.
It is therefore natural that NTNU is the host of EAIE, which is a major platform and arena for developing partnerships between higher education institutions and international coordination.
It is therefore natural that NTNU is the host of EAIE, which is a major platform and arena for developing partnerships between higher education institutions and international coordination.
This is the 19th Annual Conference of the European Association for International Education (EAIE).
This is the 19th Annual Conference of the European Association for International Education (EAIE).
This years title of the conference is: “Reaching for new shores” – where opportunities and trends in the internationalisation of European higher education will be discussed.
This years title of the conference is: “Reaching for new shores” – where opportunities and trends in the internationalisation of European higher education will be discussed.
I am sure that there will be presented a lot of interesting key note speeches and papers – followed by fruitful discussions and exchanges of ideas and knowledge in the different sessions, seminars and workshops.
I am sure that there will be presented a lot of interesting key note speeches and papers – followed by fruitful discussions and exchanges of ideas and knowledge in the different sessions, seminars and workshops.
And my be the most important thing for this kind of international conferences – establishment of useful networks and contacts with international colleagues.
And my be the most important thing for this kind of international conferences – establishment of useful networks and contacts with international colleagues.
Last years conference in Basel, Switzerland, attracted more than 2000 participants from over 60 countries.
Last years conference in Basel, Switzerland, attracted more than 2000 participants from over 60 countries.
I presume the level is quite similar for this EAIE-conference in Trondheim.
I presume the level is quite similar for this EAIE-conference in Trondheim.
Finally, let me express the hope, more generally, that you will enjoy your stay in the city of Trondheim.
Finally, let me express the hope, more generally, that you will enjoy your stay in the city of Trondheim.
I am sure that you all will have meaningful and constructive outcomes of the conference.
I am sure that you all will have meaningful and constructive outcomes of the conference.
Thank you for your kind attention.
Thank you for your kind attention.
Have an excellent conference!
Have an excellent conference!
Equality, growth and sustainability – an impossible combination?
Equality, growth and sustainability – an impossible combination?
Speech at London School of Economics
Foredrag på London School of Economics
Speech at London School of Economics by Minister of Finance Sigbjørn Johnsen.
Finansminister Sigbjørn Johnsens foredrag på London School of Economics.
The Times They Are A-Changin’, Bob Dylan told us some 45 years ago.
The Times They Are A-Changin’, Bob Dylan told us some 45 years ago.
That may have been before most of you were born.
That may have been before most of you were born.
Yet we still live in an age of turbulence, and circumstances are certainly changing rapidly.
Yet we still live in an age of turbulence, and circumstances are certainly changing rapidly.
Three years ago the financial crisis triggered the most serious economic recession since World War II.
Three years ago the financial crisis triggered the most serious economic recession since World War II.
While its impact is still being felt, new challenges are emerging, spurred by weakened public finances.
While its impact is still being felt, new challenges are emerging, spurred by weakened public finances.
In addition, developments in the Middle East and North Africa have provoked political upheavals and energy price hikes.
In addition, developments in the Middle East and North Africa have provoked political upheavals and energy price hikes.
Droughts and inundations in important food-producing countries have contributed to large-scale crop failures, translating into rising world market prices on food.
Droughts and inundations in important food-producing countries have contributed to large-scale crop failures, translating into rising world market prices on food.
And in mid-March Japan was hit by the strongest earthquake ever registered in the country.
And in mid-March Japan was hit by the strongest earthquake ever registered in the country.
These developments are rather different in nature.
These developments are rather different in nature.
Yet, they highlight the fact that we live in an interconnected world.
Yet, they highlight the fact that we live in an interconnected world.
What happens in one part of the world affects the lives of people in other parts.
What happens in one part of the world affects the lives of people in other parts.
Few places reflect the global aspect of our world better than the London School of Economics.
Few places reflect the global aspect of our world better than the London School of Economics.
With students from all over the world, you constitute a fairly global society.
With students from all over the world, you constitute a fairly global society.
In an increasingly interconnected world, studying in such an environment has substantial value in itself.
In an increasingly interconnected world, studying in such an environment has substantial value in itself.
In addition, LSE ranks high among the world’s universities, and as students graduating from this institution you will provide us all with skills and expertise.
In addition, LSE ranks high among the world’s universities, and as students graduating from this institution you will provide us all with skills and expertise.
It is a great honour to be here today and speak to such a distinguished audience.
It is a great honour to be here today and speak to such a distinguished audience.
Indeed, recent years’ turbulence in global markets has shaken our thinking about market efficiency and how economies work.
Indeed, recent years’ turbulence in global markets has shaken our thinking about market efficiency and how economies work.
Although some ideas have been seriously questioned, others have gained renewed foothold.
Although some ideas have been seriously questioned, others have gained renewed foothold.
In my lecture here today I will look into some aspects of this discussion from a Norwegian perspective.
In my lecture here today I will look into some aspects of this discussion from a Norwegian perspective.
While the global recession indeed was felt also in Norway, its impact was more limited than elsewhere.
While the global recession indeed was felt also in Norway, its impact was more limited than elsewhere.
The financial sector was only mildly affected.
The financial sector was only mildly affected.
Also, unemployment stayed low, public finances remained sound and the recovery now seems to be gaining a solid footing.
Also, unemployment stayed low, public finances remained sound and the recovery now seems to be gaining a solid footing.
The large petroleum sector has protected the Norwegian economy from the worst effects of the crisis, but this is only part of the story.
The large petroleum sector has protected the Norwegian economy from the worst effects of the crisis, but this is only part of the story.
Indeed, also our neighbouring Nordic countries have managed fairly well.
Indeed, also our neighbouring Nordic countries have managed fairly well.
Although there are substantial differences between our countries, I believe that some common features in the way the Nordic societies are organized have contributed to this achievement.
Although there are substantial differences between our countries, I believe that some common features in the way the Nordic societies are organized have contributed to this achievement.
One truth that in my opinion has not been challenged in the course of the past years is the significance of trust.
One truth that in my opinion has not been challenged in the course of the past years is the significance of trust.
Data from a number of countries reveal the positive correlation between the degree of inter-human trust and material well-being.
Data from a number of countries reveal the positive correlation between the degree of inter-human trust and material well-being.
Indeed, trust is crucial for specialization and trade – and for the smooth operation of markets.
Indeed, trust is crucial for specialization and trade – and for the smooth operation of markets.
Without trust many advantageous transactions will not be executed.
Without trust many advantageous transactions will not be executed.
This was clearly illustrated when financial markets collapsed in 2008.
This was clearly illustrated when financial markets collapsed in 2008.
One important feature of the Nordic society model is, as I see it, that it incorporates qualities contributing to the building of trust among citizens.
One important feature of the Nordic society model is, as I see it, that it incorporates qualities contributing to the building of trust among citizens.
I will organize my discussion around three pillars:
I will organize my discussion around three pillars:
I will start out with a recent event, the financial crisis.
I will start out with a recent event, the financial crisis.
One major lesson from the breakdown of financial markets in the autumn of 2008 was how important trust among market participants is for markets to function.
One major lesson from the breakdown of financial markets in the autumn of 2008 was how important trust among market participants is for markets to function.
Trust again rests on the marketplace being sufficiently transparent so that participants are confident of the substance of their transactions.
Trust again rests on the marketplace being sufficiently transparent so that participants are confident of the substance of their transactions.
This was not the case in financial markets in the time leading up to the crisis of 2008.
This was not the case in financial markets in the time leading up to the crisis of 2008.
The second pillar I will talk about is the importance of sustainable fiscal policies, a lesson learnt by many resource-rich countries, but of relevance also to others.
The second pillar I will talk about is the importance of sustainable fiscal policies, a lesson learnt by many resource-rich countries, but of relevance also to others.
Finally I will discuss social equality, an essential part of the so called Nordic model.
Finally I will discuss social equality, an essential part of the so called Nordic model.
In my view, equality may strengthen trust and enhance growth and a good economic performance.
In my view, equality may strengthen trust and enhance growth and a good economic performance.
I will deal with each issue in some detail and bring in perspectives from my years as a politician.
I will deal with each issue in some detail and bring in perspectives from my years as a politician.
I leave it to you to judge whether our experience also can be of some relevance for others.
I leave it to you to judge whether our experience also can be of some relevance for others.
As I mentioned, an illustration of the importance of transparency was provided to us during the autumn almost three years ago when the world’s financial markets were on the verge of a total breakdown.
As I mentioned, an illustration of the importance of transparency was provided to us during the autumn almost three years ago when the world’s financial markets were on the verge of a total breakdown.
While warnings against widening imbalances and credit-driven booms in housing markets were voiced, very few predicted the full extent of harmful consequences arising from the complexity of financial markets.
While warnings against widening imbalances and credit-driven booms in housing markets were voiced, very few predicted the full extent of harmful consequences arising from the complexity of financial markets.
Both financial institutions and investors, and even municipalities, invested in risky objects they didn’t fully understand.
Both financial institutions and investors, and even municipalities, invested in risky objects they didn’t fully understand.
Asymmetric information between lenders and borrowers, and between market participants and regulators, is a general characteristic of financial markets.
Asymmetric information between lenders and borrowers, and between market participants and regulators, is a general characteristic of financial markets.
Borrowers know more about their own ability to service debt, and banks have more information about their own risk exposure than regulators.
Borrowers know more about their own ability to service debt, and banks have more information about their own risk exposure than regulators.
This information problem is therefore something that regulators and supervisors always have to take into account in the design and implementation of financial market policies.
This information problem is therefore something that regulators and supervisors always have to take into account in the design and implementation of financial market policies.
However, prior to the crisis, it seemed that the seriousness of the information problem had been growing, and in 2008 asymmetric information had turned into a serious transparency deficit.
However, prior to the crisis, it seemed that the seriousness of the information problem had been growing, and in 2008 asymmetric information had turned into a serious transparency deficit.
When the crisis started it was almost impossible to separate the solid from the less solid banks in globally integrated markets, and confidence evaporated.
When the crisis started it was almost impossible to separate the solid from the less solid banks in globally integrated markets, and confidence evaporated.
The consequence was close to full stop in access to credit for banks, households and businesses.
The consequence was close to full stop in access to credit for banks, households and businesses.
Moreover, when looking for the roots of the global recessions, it is difficult to avoid the conclusion that also extensive speculation and imprudence played an important part.
Moreover, when looking for the roots of the global recessions, it is difficult to avoid the conclusion that also extensive speculation and imprudence played an important part.
Imaginative individuals and institutions came up with innovations which may have been lucrative for the originators, but very costly to the society.
Imaginative individuals and institutions came up with innovations which may have been lucrative for the originators, but very costly to the society.
Those who carry the cost are the millions of people who have lost their jobs and in some cases also their homes.
Those who carry the cost are the millions of people who have lost their jobs and in some cases also their homes.
In my view it is a moral paradox that countries have spent billions on repairing the damage from the financial crisis.
In my view it is a moral paradox that countries have spent billions on repairing the damage from the financial crisis.
Speculators and imprudent institutions should face the consequences and be made accountable.
Speculators and imprudent institutions should face the consequences and be made accountable.
Making them accountable will in turn discourage unnecessary high risk taking and reduce the likelihood of future financial crises.
Making them accountable will in turn discourage unnecessary high risk taking and reduce the likelihood of future financial crises.
The recession has been the concern of the advanced countries of the world.
The recession has been the concern of the advanced countries of the world.
The very same advanced countries, when advising developing countries on economic policy issues always stresses the importance of transparency and accountability.
The very same advanced countries, when advising developing countries on economic policy issues always stresses the importance of transparency and accountability.
We should not advance so far that we forget to follow these principles ourselves.
We should not advance so far that we forget to follow these principles ourselves.
On several accounts, that might be seen as exactly what happened.
On several accounts, that might be seen as exactly what happened.
In Norway, the banking system performed relatively well during the financial crisis.
In Norway, the banking system performed relatively well during the financial crisis.
One reason why Norwegian banks were less affected this time is, I believe, that we could lean on experiences from our own banking crisis some 20 years ago.
One reason why Norwegian banks were less affected this time is, I believe, that we could lean on experiences from our own banking crisis some 20 years ago.
What started out as problems in smaller banks in the late 1980s, ended up as failure of the major part of the Norwegian banking system.
What started out as problems in smaller banks in the late 1980s, ended up as failure of the major part of the Norwegian banking system.
As the finance minister also at that time, I learned that making banks accountable and protecting the tax payer is crucial.
As the finance minister also at that time, I learned that making banks accountable and protecting the tax payer is crucial.
I also learned that government recapitalisation of banks does not have to be costly for the taxpayer.
I also learned that government recapitalisation of banks does not have to be costly for the taxpayer.
During the Norwegian banking crisis in the early 90s the government injected equity capital into banks, while private share capital was written down on the basis of a realistic assessment of loan losses.
During the Norwegian banking crisis in the early 90s the government injected equity capital into banks, while private share capital was written down on the basis of a realistic assessment of loan losses.
This ensured that the equity capital injected by the government also could benefit from upside opportunities.
This ensured that the equity capital injected by the government also could benefit from upside opportunities.
The Norwegian government assumed 100 per cent ownership of the three largest banks.
The Norwegian government assumed 100 per cent ownership of the three largest banks.
The board of directors and senior management in each bank were replaced.
The board of directors and senior management in each bank were replaced.
Then, in the years following the crisis, the government gradually sold its shares in the nationalised banks – at a profit.
Then, in the years following the crisis, the government gradually sold its shares in the nationalised banks – at a profit.
Moreover, in the 20 years since Norway suffered its banking crisis we refined our financial regulation and supervision, and we find the following three elements to be fundamental:
Moreover, in the 20 years since Norway suffered its banking crisis we refined our financial regulation and supervision, and we find the following three elements to be fundamental:
One, financial regulation should be comprehensive and cover the whole financial sector.
One, financial regulation should be comprehensive and cover the whole financial sector.
Two, financial regulation should be consistent – the same risk must be regulated in the same way, whoever holds it.
Two, financial regulation should be consistent – the same risk must be regulated in the same way, whoever holds it.
Three, there should be one single supervisor for the whole financial market, which combines supervision of individual firms with macro surveillance.
Three, there should be one single supervisor for the whole financial market, which combines supervision of individual firms with macro surveillance.
This system has served us well.
This system has served us well.
However, financial markets worldwide have become both more complex and more integrated in the last 20 years.
However, financial markets worldwide have become both more complex and more integrated in the last 20 years.
I therefore agree with the urgent need to improve international standards for financial market regulation, and I welcome the important role the Basel committee, the IMF, the EU and the G20 has taken in moving this issue forward.
I therefore agree with the urgent need to improve international standards for financial market regulation, and I welcome the important role the Basel committee, the IMF, the EU and the G20 has taken in moving this issue forward.
Concerted action is of great importance, and I am looking forward to further co-operation on the development of international financial regulation.
Concerted action is of great importance, and I am looking forward to further co-operation on the development of international financial regulation.
Deficiencies in financial markets were not the only weakness revealed during the global recession.
Deficiencies in financial markets were not the only weakness revealed during the global recession.
This brings me to the second pillar in the concept of trust: The importance of sustainable fiscal policies.
This brings me to the second pillar in the concept of trust: The importance of sustainable fiscal policies.
As the role of government interventions became more pressing, the strength of public finances was put on a test.
As the role of government interventions became more pressing, the strength of public finances was put on a test.
What started as a financial crisis soon posed great challenges to public finances in a number of countries, with large deficits and rapidly increasing sovereign debt burdens.
What started as a financial crisis soon posed great challenges to public finances in a number of countries, with large deficits and rapidly increasing sovereign debt burdens.
For some countries risk premiums have sky rocketed.
For some countries risk premiums have sky rocketed.
However, not only financial markets may become nervous.
However, not only financial markets may become nervous.
Lack of confidence can also spread among taxpayers in these countries.
Lack of confidence can also spread among taxpayers in these countries.
Those are the ones who eventually will carry the burden.
Those are the ones who eventually will carry the burden.