In the public sector, where employment growth has been strong the last few years, budgets will only allow a moderate increase in employment in 2003. Overall, employment is projected to fall by ½ per cent in 2003 and remain unchanged in 2004. Employment followed a similar course in the early 1980s. At that time, employment rose markedly as a result of continued strong growth in the labour force. Labour force participation in Norway is currently at a record-high level, and the demographically determined supply of labour is low. At the same time, labour force growth may be lower than implied by demographic trends for various reasons. More people may choose to study until the situation in the labour market improves. Some of the unemployed may exit the labour market on retirement schemes. Outflows from the labour market and low labour force growth as a result of demographic trends may limit the increase in unemployment. Nevertheless, unemployment is projected to rise, especially in manufacturing. The increase through 2002 primarily reflects a rise in unemployment in the service sector. Manufacturing unemployment remained stable until end-2002, but has increased substantially in the last few months. More lay-offs and lower expectations regarding manufacturing employment point to increased unemployment in the manufacturing sector ahead. In addition, statistics show a 40 per cent reduction in the number of  1  Labour costs’ share of value added after direct and indirect taxes (factor income). BIS Review 14/2003  3  vacancies in manufacturing advertised in the last year.

BIS Review 69/2008  3  Any lack of interoperability across mobile operators and across banks will not achieve the required critical mass and will also result in high transaction cost for consumers. It is hoped that market participants will be able to offer new and innovative mobile payment products and services that opens up new markets for mobile service providers and payment operators, offer the convenience at reasonable costs and thus deliver the cost savings and efficiency gains that consumers and businesses seek, and thus allow for the economic benefits to be realised. Industry players also need to work together. An area that needs critical attention is for the industry players to focus on the bigger picture and regard the mobile phone as a mechanism towards achieving a common goal. To promote the significant use of the mobile phone for financial services, the industry has to respond rapidly to address the need for interoperability and collaborate in areas such as developing a common infrastructure, common payment messaging format, as well as common security and authentication standards. Common standards and infrastructure will create an accessible, open and vibrant payment eco-system that will attract a wider consumer base allowing all market participants to reap the benefits of a larger customer base. A shared integrated network with common security standards and common messaging standards will make it easier, more cost-effective, and more convenient for consumers, merchants and service providers to execute and receive payments, thereby increasing the attractiveness of the mobile network as a payment channel.