EU regulations due to take effect later this year will require credit rating agencies seeking to operate in Europe to register and be supervised by the proposed European Securities and Markets Authority (ESMA). Concurrently with the significant work to strengthen the resilience of the financial system, important changes are also being considered to improve the regulatory and supervisory framework. Of particular significance is the creation, proposed by the de Larosière Report, of the European Systemic Risk Board (ESRB), which will exercise macro-prudential supervision and monitor systemic concerns, and, at the micro-prudential level, of the European System of Financial Supervisors (ESFS). This consists of a network of national financial supervisors working with the new European Supervisory Authorities, namely the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority. 2  BIS Review 67/2010  Complementary proposals emerged from the G20 London Summit of April 2009, which launched a global plan for recovery and reform and mandated the FSB to ensure the consistent implementation of the G20 road-map. Ongoing work, which is expected to be completed in the coming months, includes an impact assessment of the BCBS capital and liquidity proposals; the development of tools to reduce the probability and impact of failure of systemically important institutions; measures to reduce the potential of OTC derivatives markets to act as channels of contagion; proposals to restart securitisation on a sound basis; and promoting the full national implementation of the FSB Principles and Standards on compensation.

Despite the financial crisis, this has been a golden period for Norway. Economic developments have been influenced by changes in global trade patterns. Asia has replaced Europe as our main trading partner for many goods, and Norway has reaped significant gains from terms-of-trade effects. National income is almost 30 per cent higher in real terms than ten years ago. BIS central bankers’ speeches  1  While in the 1980s the advanced economies clearly dominated the performance of the global economy, the contribution to global growth of the emerging economies during the last decade, substantially exceeded that of the advanced economies. Moreover, during the global crisis of 2008–2009, growth in emerging economies was sustained, while it fell sharply in the OECD area. As growth in the advanced economies now remains depressed, emerging economies will continue to dominate the performance of the global economy. This tendency is reflected in developments in the global oil market, where the composition of crude oil consumption has shifted from advanced to emerging market economies. During the last decade, global demand for oil increased by slightly more than 12 per cent. Over the same period, demand for oil in OECD countries fell by nearly 5 per cent. Commodity-intensive industrialisation and strong per capita income growth in emerging economies are likely to reinforce the upward shift in aggregate commodity demand. The Norwegian macroeconomic framework The changing structure of the global economy helps to explain the economic shift experienced in Norway during the 2000s.