What remains to be seen is whether the infrastructure needed to create binding electronic contracts between previously unaffiliated parties can be developed to meet the needs of consumers and merchants globally. This leads me to my second topic -- the establishment of a Uniform Commercial Code for Electronic Commerce. Uniform Commercial Code For Electronic Commerce The White House Framework states that, in order “to encourage electronic commerce, the United States Government should support the development of both a domestic and global commercial legal framework that recognizes, facilitates and enforces electronic transactions worldwide.” In keeping with its belief that the private sector should take the lead in electronic commerce issues, the White House is largely relying on the efforts of the National Conference of Commissioners of Uniform State Laws and the American Law Institute, the sponsors of the Uniform Commercial Code, to produce the desired domestic commercial law framework. Internationally, the United States Government is working with organizations such as the United Nations Commission on International Trade Law, the OECD, UNIDROIT and the International Chamber of Commerce to achieve the necessary global commercial law framework. The United States has adopted, and has urged others to adopt, the following drafting principles. First, parties should be free to order the contractual relations between themselves as they see fit. Second, rules should be technology neutral -- in other words, the rules should neither require nor assume a particular technology -- and should be forward looking -- should not hinder the use or development of technologies in the future.

Svein Gjedrem: Globalisation and monetary policy in Norway Address by Mr Svein Gjedrem, Governor of the Central Bank of Norway, at the Nordic CFO Seminar, Stockholm, 10 May 2006. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 26 April, Inflation Report 1/06 and on previous speeches. Please note that the text below may differ slightly from the actual presentation. The  Charts in pdf-format can be found on the Norges Bank’s website. *  *  *  Thank you Madame Chair, Let me first say that I am glad of this opportunity to address you on the issue of globalisation and monetary policy in Norway. Effects of increased globalisation The term globalisation can mean different things to different people, but today I refer to the growing interdependence of national economies as reflected in greater and freer flows of goods, services, capital and even labour across national borders. The globalisation process has accelerated over the last 15 years through increased trade liberalisation, political changes, technological advances, and a sharp reduction in transaction costs. As illustrated in this chart, cross-border flows of goods and capital are growing at a markedly faster pace than world production. These developments present challenges to monetary policy. Financial imbalances have been building up internationally as a result of a strong rise in cross-border capital flows and foreign asset ownership. In Norway, we are facing a significantly changed terms-of-trade pattern.