natgillin/translations-raw huggingface dataset:
And the custodians of those traditions were mostly men.
And the custodians of those traditions were mostly men.
It took political struggle initiated by women themselves, assisted and supported by modern men, to break the most oppressive of those chains, and to unleash the full potential of society.
It took political struggle initiated by women themselves, assisted and supported by modern men, to break the most oppressive of those chains, and to unleash the full potential of society.
The rights of freedom have never been given.
The rights of freedom have never been given.
They have always been taken.
They have always been taken.
That is why when we hear the words “empowerment of women” we should ask: “by whom?”
That is why when we hear the words “empowerment of women” we should ask: “by whom?”
This is the background why we are here to express our strong support for the Strategic Plan, a support which is also expressed by the vast majority of board members, from all the regions of the world.
This is the background why we are here to express our strong support for the Strategic Plan, a support which is also expressed by the vast majority of board members, from all the regions of the world.
Norway welcomes the Strategic Plan and stands ready to endorse it.
Norway welcomes the Strategic Plan and stands ready to endorse it.
That is not to say the Plan is perfect.
That is not to say the Plan is perfect.
As pointed out by my delegation at previous informal meetings, we would have liked the Plan to even more clearly articulate; The real challenges to women around the world, And the specific measures UN Women intends to take to meet those challenges.
As pointed out by my delegation at previous informal meetings, we would have liked the Plan to even more clearly articulate; The real challenges to women around the world, And the specific measures UN Women intends to take to meet those challenges.
What results you expect, where and when, And what your own contributions to those results will be, both on your own and as a leader within the UN System.
What results you expect, where and when, And what your own contributions to those results will be, both on your own and as a leader within the UN System.
A comprehensive results framework with clear baselines, identifying linkages between your output and expected outcomes, will also be needed to ensure accountability.
A comprehensive results framework with clear baselines, identifying linkages between your output and expected outcomes, will also be needed to ensure accountability.
And as we know, results and accountability are prerequisites for continued support, not least financial support.
And as we know, results and accountability are prerequisites for continued support, not least financial support.
While we share the six thematic priorities set out in the Plan, within those, Norway would have liked to see a greater emphasis on poverty reduction, women with disabilities (there is probably half a million of women and girls with disabilities around the world ), the challenges of working countries in conflict, and last but not least - the role of men and boys in promoting gender equality and empowerment of women.
While we share the six thematic priorities set out in the Plan, within those, Norway would have liked to see a greater emphasis on poverty reduction, women with disabilities (there is probably half a million of women and girls with disabilities around the world ), the challenges of working countries in conflict, and last but not least - the role of men and boys in promoting gender equality and empowerment of women.
Madame President, We have high expectations that UN Women under its competent leadership will make a great deal of difference and contribute decisively to the liberation and empowerment of women around the world.
Madame President, We have high expectations that UN Women under its competent leadership will make a great deal of difference and contribute decisively to the liberation and empowerment of women around the world.
For that reason, and with great expectation of seeing tangible results, I am pleased to announce that Norway will continue to be among the leading donors to UN Women.
For that reason, and with great expectation of seeing tangible results, I am pleased to announce that Norway will continue to be among the leading donors to UN Women.
In light of the Strategic Plan, the discussions here at the Annual Meeting and the very appropriate appeal from UN Women’s leadership, we have decided today that Norway will continue to increase our contributions and provide 15 million US dollars to UN Women’s core budget in 2011.
In light of the Strategic Plan, the discussions here at the Annual Meeting and the very appropriate appeal from UN Women’s leadership, we have decided today that Norway will continue to increase our contributions and provide 15 million US dollars to UN Women’s core budget in 2011.
In any other global development context this is a very modest sum.
In any other global development context this is a very modest sum.
But for UN Women 15 million dollars is 10 percent of their entire core budget this year.
But for UN Women 15 million dollars is 10 percent of their entire core budget this year.
This should be a cause for great concern among everyone who cares for gender equality, empowerment of women and the crucial role of UN Women to promote this important agenda.
This should be a cause for great concern among everyone who cares for gender equality, empowerment of women and the crucial role of UN Women to promote this important agenda.
I would therefore close my brief statement by calling on all member states, both traditional donors and emerging economies, to seriously increase their funding.
I would therefore close my brief statement by calling on all member states, both traditional donors and emerging economies, to seriously increase their funding.
Too often, we hear big words backed by small sums.
Too often, we hear big words backed by small sums.
It is really a matter of honesty towards half the world’s population.
It is really a matter of honesty towards half the world’s population.
Norway—2011 Article IV Consultation
Norway—2011 Article IV Consultation
NORWAY—2011 ARTICLE IV CONSULTATION CONCLUDING STATEMENT OF THE IMF MISSION November 22, 2011
NORWAY—2011 ARTICLE IV CONSULTATION CONCLUDING STATEMENT OF THE IMF MISSION November 22, 2011
Outlook and Risks
Outlook and Risks
Norway’s economy continues to perform well amidst considerable global turbulence.
Norway’s economy continues to perform well amidst considerable global turbulence.
Over the last two years, mainland GDP has grown steadily at an annual pace of 2-3 percent, supported by robust growth in consumer spending and favorable terms of trade developments.
Over the last two years, mainland GDP has grown steadily at an annual pace of 2-3 percent, supported by robust growth in consumer spending and favorable terms of trade developments.
Output has now surpassed its pre-recession levels, and unemployment remains low.
Output has now surpassed its pre-recession levels, and unemployment remains low.
This solid recovery has been aided by supportive policies, including low interest rates and temporary fiscal stimulus employed during the recession.
This solid recovery has been aided by supportive policies, including low interest rates and temporary fiscal stimulus employed during the recession.
Going forward, we expect moderately paced growth to continue.
Going forward, we expect moderately paced growth to continue.
Growth in mainland GDP is projected to be around 2½ percent both in 2011 and 2012.
Growth in mainland GDP is projected to be around 2½ percent both in 2011 and 2012.
Expansion will be driven mainly by domestic demand, given strong wage growth, continued momentum in the housing market, and sluggish growth amongst major trading partners.
Expansion will be driven mainly by domestic demand, given strong wage growth, continued momentum in the housing market, and sluggish growth amongst major trading partners.
The closing of the output gap, along with strong wage pressures, should result in a gradual rise in inflation from its current low rates toward the 2½ percent target over the next two years.
The closing of the output gap, along with strong wage pressures, should result in a gradual rise in inflation from its current low rates toward the 2½ percent target over the next two years.
Over the medium term, growth is expected to rebalance away from domestic demand as macroeconomic policies tighten, the housing market gradually cools, and external demand slowly improves.
Over the medium term, growth is expected to rebalance away from domestic demand as macroeconomic policies tighten, the housing market gradually cools, and external demand slowly improves.
Under this central scenario, mainland growth over the medium term is projected to be close to its trend rate of 2¾ percent.
Under this central scenario, mainland growth over the medium term is projected to be close to its trend rate of 2¾ percent.
Eurozone economic turmoil.
Eurozone economic turmoil.
Norway’s economy is better placed than many in Europe to weather an intensification of eurozone stress, given its low sovereign risk and the limited direct exposure of Norway’s banks to the most vulnerable eurozone countries.
Norway’s economy is better placed than many in Europe to weather an intensification of eurozone stress, given its low sovereign risk and the limited direct exposure of Norway’s banks to the most vulnerable eurozone countries.
Nonetheless, severe stress would undoubtedly affect Norway via shaken consumer confidence, lower exports to Europe, lower oil prices, and strains in international interbank markets—a key funding source for Norway’s largest banks.
Nonetheless, severe stress would undoubtedly affect Norway via shaken consumer confidence, lower exports to Europe, lower oil prices, and strains in international interbank markets—a key funding source for Norway’s largest banks.
Elevated house prices and high household debt.
Elevated house prices and high household debt.
House prices have soared over the last decade and continue to climb at a rapid pace.
House prices have soared over the last decade and continue to climb at a rapid pace.
Although this may partly reflect supply constraints and solid population growth, standard metrics suggest a risk of overvaluation: Norway has the highest house price-to-rent ratio relative to its historical average amongst all OECD economies, and the house price-to-income ratio exceeds levels reached prior to the late 1980s house price crash.
Although this may partly reflect supply constraints and solid population growth, standard metrics suggest a risk of overvaluation: Norway has the highest house price-to-rent ratio relative to its historical average amongst all OECD economies, and the house price-to-income ratio exceeds levels reached prior to the late 1980s house price crash.
A fall in house prices poses a major macroeconomic risk, as it would dampen consumption via wealth effects and reduce residential investment.
A fall in house prices poses a major macroeconomic risk, as it would dampen consumption via wealth effects and reduce residential investment.
Moreover, Norway has one of the highest ratios of household debt to disposable income amongst OECD economies.
Moreover, Norway has one of the highest ratios of household debt to disposable income amongst OECD economies.
Very high household debt levels imply that a house price drop could also push up default rates and stress banks’ balance sheets.
Very high household debt levels imply that a house price drop could also push up default rates and stress banks’ balance sheets.
This relatively benign central scenario is subject to significant risks, including:
This relatively benign central scenario is subject to significant risks, including:
Near-Term Macroeconomic Policies: A careful policy mix will help reduce risks while supporting growth.
Near-Term Macroeconomic Policies: A careful policy mix will help reduce risks while supporting growth.
Guidelines introduced by the Financial Supervisory Authority (FSA) in 2010 establishing recommended limits on loan-to-value (LTV) and loan-to-income (LTI) ratios on mortgages, as well as the recent FSA proposal to tighten these limits further, are welcome.
Guidelines introduced by the Financial Supervisory Authority (FSA) in 2010 establishing recommended limits on loan-to-value (LTV) and loan-to-income (LTI) ratios on mortgages, as well as the recent FSA proposal to tighten these limits further, are welcome.
However, these limits are not hard caps.
However, these limits are not hard caps.
As a result, the percentage of loans exceeding the recommended limits continues to rise.
As a result, the percentage of loans exceeding the recommended limits continues to rise.
More binding limits are thus necessary to achieve the desired reduction in high-risk loans and household indebtedness.
More binding limits are thus necessary to achieve the desired reduction in high-risk loans and household indebtedness.
Minimum risk weights on mortgages should be raised, in coordination with other Nordic countries to limit the risk that such tightening will be undermined by cross-border regulatory arbitrage.
Minimum risk weights on mortgages should be raised, in coordination with other Nordic countries to limit the risk that such tightening will be undermined by cross-border regulatory arbitrage.
Banks should also be encouraged to restrain dividends and remuneration, given heightened risks both domestically and abroad and to ensure steady progress toward raising core tier 1 equity to Basel III levels.
Banks should also be encouraged to restrain dividends and remuneration, given heightened risks both domestically and abroad and to ensure steady progress toward raising core tier 1 equity to Basel III levels.
Macroprudential policies should gradually tighten to reduce risks associated with high household debt and elevated house prices:
Macroprudential policies should gradually tighten to reduce risks associated with high household debt and elevated house prices:
The broadly neutral fiscal stance for 2012 envisaged in the budget is appropriate, given heightened global risks and conditional on macroprudential tightening.
The broadly neutral fiscal stance for 2012 envisaged in the budget is appropriate, given heightened global risks and conditional on macroprudential tightening.
Norway has been well served by its fiscal guidelines, which call for gradual phasing in of petroleum revenues.
Norway has been well served by its fiscal guidelines, which call for gradual phasing in of petroleum revenues.
Within these guidelines and given the closing output gap, fiscal adjustment is needed over the medium term to rebuild precautionary fiscal buffers and to ensure that the guidelines are met on average over the cycle.
Within these guidelines and given the closing output gap, fiscal adjustment is needed over the medium term to rebuild precautionary fiscal buffers and to ensure that the guidelines are met on average over the cycle.
Medium-term adjustment will also help reduce the large long-run fiscal gap (see below).
Medium-term adjustment will also help reduce the large long-run fiscal gap (see below).
However, macroprudential and fiscal tightening should be sequenced carefully to avoid excessively contractionary policy, especially given heightened global risks.
However, macroprudential and fiscal tightening should be sequenced carefully to avoid excessively contractionary policy, especially given heightened global risks.
Of the two, macroprudential tightening is the more pressing near-term priority and should proceed first.
Of the two, macroprudential tightening is the more pressing near-term priority and should proceed first.
Fiscal tightening would be appropriate starting in 2013 under the central scenario.
Fiscal tightening would be appropriate starting in 2013 under the central scenario.
Tighter macroprudential and medium-term fiscal policies should allow monetary policy to stay loose for longer.
Tighter macroprudential and medium-term fiscal policies should allow monetary policy to stay loose for longer.
The contractionary effects from macroprudential and fiscal tightening can be offset by keeping monetary policy looser than it would be otherwise, thereby ensuring that inflation rises to the target by the end of the policy horizon and that the output gap stays closed.
The contractionary effects from macroprudential and fiscal tightening can be offset by keeping monetary policy looser than it would be otherwise, thereby ensuring that inflation rises to the target by the end of the policy horizon and that the output gap stays closed.
Such a mix of relatively tight fiscal and loose monetary policy would also contain risks of excessive exchange rate appreciation and associated competitiveness problems.
Such a mix of relatively tight fiscal and loose monetary policy would also contain risks of excessive exchange rate appreciation and associated competitiveness problems.
However, policies should adjust if shocks cause major deviations from the central scenario.
However, policies should adjust if shocks cause major deviations from the central scenario.
Monetary policy should be the first line of defense, as it can react more nimbly.
Monetary policy should be the first line of defense, as it can react more nimbly.
In particular, a sharper-than-expected deterioration of external conditions could necessitate monetary easing.
In particular, a sharper-than-expected deterioration of external conditions could necessitate monetary easing.
Conversely, if macroprudential tightening does not occur or is ineffective in arresting risks associated with high house price and household debt levels, monetary policy would need to tighten.
Conversely, if macroprudential tightening does not occur or is ineffective in arresting risks associated with high house price and household debt levels, monetary policy would need to tighten.
Structural Reforms: Promoting economic stability and growth over the longer run.
Structural Reforms: Promoting economic stability and growth over the longer run.
Norway faces large long-run fiscal challenges.
Norway faces large long-run fiscal challenges.
Oil revenue, as well as non-oil revenue that is indirectly dependent on oil production, is projected to decline over time as a percent of mainland GDP.
Oil revenue, as well as non-oil revenue that is indirectly dependent on oil production, is projected to decline over time as a percent of mainland GDP.
At the same time, spending on healthcare and age and disability pensions will steadily increase—even after the cost-saving effects of recent pension reforms—due to population aging and the trend increase in demand for healthcare services as a percent of income.
At the same time, spending on healthcare and age and disability pensions will steadily increase—even after the cost-saving effects of recent pension reforms—due to population aging and the trend increase in demand for healthcare services as a percent of income.
In addition, the large drop in real long-term interest rates in major economies over the last decade suggests that the real return on the oil fund may well fall short of the assumed 4 percent for an extended period.
In addition, the large drop in real long-term interest rates in major economies over the last decade suggests that the real return on the oil fund may well fall short of the assumed 4 percent for an extended period.
Although official long-run budget projections also contain elements of conservatism (e.g., a conservative oil price), on balance these factors indicate that Norway faces a large long-run fiscal gap—likely in excess of 10 percent of mainland GDP by 2060.
Although official long-run budget projections also contain elements of conservatism (e.g., a conservative oil price), on balance these factors indicate that Norway faces a large long-run fiscal gap—likely in excess of 10 percent of mainland GDP by 2060.
Requiring employers to contribute to longer-term sick leave benefits (currently they contribute only for the first 16 days) to improve their incentives to accept returning workers and to monitor use of longer-term sick leave; this would need to be offset by cuts in employer payroll taxes or a reduction in the days for which employers pay 100 percent of benefits in order to keep overall employment costs unchanged.
Requiring employers to contribute to longer-term sick leave benefits (currently they contribute only for the first 16 days) to improve their incentives to accept returning workers and to monitor use of longer-term sick leave; this would need to be offset by cuts in employer payroll taxes or a reduction in the days for which employers pay 100 percent of benefits in order to keep overall employment costs unchanged.
Increasing the use of social security physicians in assessing eligibility for disability benefits in order to promote more uniform assessments and limit abuse.
Increasing the use of social security physicians in assessing eligibility for disability benefits in order to promote more uniform assessments and limit abuse.
Reforming public sector pensions in line with recent reforms of the National Insurance Scheme in order to increase incentives to remain in the labor force.
Reforming public sector pensions in line with recent reforms of the National Insurance Scheme in order to increase incentives to remain in the labor force.
Changing the annual increase in pensions from wage growth minus 0.75 percent to the more internationally common practice of CPI inflation.
Changing the annual increase in pensions from wage growth minus 0.75 percent to the more internationally common practice of CPI inflation.
This would yield fiscal savings while preserving the real value of pensions during an individual’s retirement.
This would yield fiscal savings while preserving the real value of pensions during an individual’s retirement.
Addressing this challenge requires continued reform on multiple fronts.
Addressing this challenge requires continued reform on multiple fronts.
To help smooth out the required adjustment, consideration should be given to gradually spending less than 4 percent of the oil fund’s capital.
To help smooth out the required adjustment, consideration should be given to gradually spending less than 4 percent of the oil fund’s capital.
In addition, it will be crucial to build broad public consensus for further entitlement reforms aimed at reducing costs, increasing efficiency, and bolstering employment, while maintaining a strong safety net for those in need.
In addition, it will be crucial to build broad public consensus for further entitlement reforms aimed at reducing costs, increasing efficiency, and bolstering employment, while maintaining a strong safety net for those in need.
In this regard, recent reforms to enhance monitoring of sick leave benefits, for which enrollment rates are very high by international standards, are welcome.
In this regard, recent reforms to enhance monitoring of sick leave benefits, for which enrollment rates are very high by international standards, are welcome.
Options for further reform include the following:
Options for further reform include the following:
The very large implicit subsidies for owner-occupied housing in Norway’s tax code encourage households to accumulate excessive mortgage debt while disproportionately benefiting high-income households.
The very large implicit subsidies for owner-occupied housing in Norway’s tax code encourage households to accumulate excessive mortgage debt while disproportionately benefiting high-income households.
Reducing these subsidies—with offsetting tax cuts elsewhere—would strengthen financial stability while increasing progressivity and economic efficiency.
Reducing these subsidies—with offsetting tax cuts elsewhere—would strengthen financial stability while increasing progressivity and economic efficiency.
As with macroprudential measures, such reforms would need to be phased in gradually to avoid excessive disruptions to housing markets.
As with macroprudential measures, such reforms would need to be phased in gradually to avoid excessive disruptions to housing markets.