Put differently, the global public good of financial stability risks being under-provided if it is reliant on regional solutions. Indeed, access to some of these regional facilities is itself conditional on an IMF programme. Conclusion The international monetary and financial system has undergone a mini-revolution in the space of a generation as a result of financial globalisation. It has become a genuine system. This has altered fundamentally the risk-return opportunity set facing international policymakers: larger-than-ever opportunities, but also greater-than-ever threats. Dealing with these risks calls for turning the current “non-system” into one with an identifiable architecture. Measures to improve the monitoring and management of private capital flows and to augment and strengthen official sector financing facilities are important milestones towards this long-term objective. References Acemoglu, D., Ozdaglar, A. and Tahbaz-Salehi, A. (2013), “Systemic risk and stability in financial networks”, NBER Working Paper No. 18727. Barr, D., Bush, O. and Pienkowski, A., (2014), “GDP-linked bonds and sovereign default”, Bank of England Working Paper No. 484. Berg, A. and Krueger, A. (2003), “Trade, growth and poverty: A selective survey”, IMF Working Paper WP/03/30. Bernanke, B. (2004), “The great moderation”, remarks at the Eastern Economic Association, Washington, DC, 20 February. Broadbent, B (2014), “The UK economy and the world economy”, Speech delivered at the Institute of Economic Affairs State of the Economy Conference, London. Available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2014/708.aspx  10  BIS central bankers’ speeches  Brooke, M., Mendes, R., Pienkowski, A. and Santor, E. (2013), “Sovereign default and state-contingent debt”, Bank of England Financial Stability Paper No. 27, November.

Sales of Swedish and Finnish high-tech products are growing strongly in volume terms, but prices are falling. Denmark has a diversified business sector, which is overall moving on a steady path. Strong development in the petroleum sector High oil prices have provided a strong impetus for the petroleum industry and have led to a strong increase in activity on the Norwegian continental shelf. Many projects have been launched to increase recovery from fields in operation, and investment in the petroleum sector has increased sharply. The large development projects relating to the natural gas fields Snøhvit outside of Hammerfest and Ormen Lange at Aukra have made a large contribution to the high level of investment. Both these projects also involve considerable onshore development, which may have generated stronger impulses to the business sector locally than pure offshore projects. Investment activity associated with these two gas fields will probably decline in the period to completion in 2007. Production has reached record levels and is expected to remain high for some years, a continued high activity level is anticipated, and many new development projects are being considered by the authorities. The oil age in Norway has spanned 30 years and it appears that it will continue for many years ahead. Our petroleum resources can be divided into three, of which approximately 1/3 has been produced by now, 1/3 has been found but not produced, and 1/3 remains to be found.