Svein Gjedrem: Prospects for the Norwegian economy Speech by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at Sparebank 1 SR-Bank Stavanger, Stavanger, 26 March 2010. The text below may differ slightly from the actual presentation. The speech is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 24 March and Monetary Policy Report 1/10. *  *  *  The most acute phase of the global economic crisis appears to have passed. Output growth has resumed in most parts of the world and the recovery has been strongest in emerging market economies in Asia. The crisis has given rise to new imbalances that will dampen the recovery. Fiscal deficits are substantial in many countries and government debt is rising rapidly. Deficits have increased markedly because of reduced tax revenues and stimulus measures to underpin activity, but also due to government support measures for banks. The interest rates at which governments borrow reflect to a large extent their financial position. Reducing government debt in the US and many European countries will probably take several years. Fiscal tightening is expected to commence among our main trading partners as from next year, with the exception of Sweden. This will curb growth in overall demand for goods and services. Even with substantial tax cuts, strong growth in public spending and low interest rates, unemployment has risen considerably in both the US and Europe. In many countries, unemployment has grown by 3–4 percentage points.

Muhammad Al-Jasser: The need for national data compilation and dissemination Opening speech by His Excellency Dr Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), at the Special Data Dissemination Standard and Monetary Statistics workshop, Institute of Banking, Riyadh, 11 December 2010. *  *  *  Dear Workshop Organizers and Participants, It is my pleasure to inaugurate such an important workshop at a time when many national data compiling agencies are confronted with ever increasing user demands and challenges. I take this opportunity to express my thanks to all the GCC organizations (central banks, ministries of finance, and statistics centers) participating in this event. Of course, I also extend my appreciation to the IMF for providing pivotal leadership in building capacity for producing official statistics in the region, and paving the way for adding new dimensions and quality to official statistics and thereby contributing to the global statistical system. Dear Participants, The need to compile and disseminate data in a systematic and professional way, especially with respect to the growing data needs, can hardly be overemphasized. For example, the recent global financial crisis has exposed the lack of data in key statistical areas that might have helped authorities better measure and understand the risks to the international financial system. Remedies to fill such data gaps (e.g., maturity mismatches) are critical for monitoring systemic risk originating from systemically important financial institutions. Similarly, the rapid transformation of the world economy has also brought new data needs for environmental and social welfare statistics.