will be the consequent dutch disease impact. we must be very careful to try and avoid, as much as is possible, rendering our non oil traded goods industries economically unviable, because that would be very detrimental to long term growth and structural transformation. if dutch disease drives up the costs of producing traded goods in uganda, the competitiveness of traded goods industries can only be maintained if these industries can become more efficient, for example by raising the productivity of labour. thirdly, oil prices are inherently volatile. this poses acute problems for the short term management of fiscal policy. in particular the volatility of oil revenues often leads to procyclical public spending which amplifies the business cycle and thus destabilises the macroeconomy. to avoid this, it is necessary to de - link public spending from contemporaneous oil revenue receipts, in a manner which is consistent with long term fiscal sustainability. again, this presents political challenges because of the need to maintain fiscal discipline during periods of above normal oil revenue receipts, when optimal fiscal policy dictates that government budget balances should improve, but when pressures for more public spending will intensify. good public policy decisions are more likely to be taken and implemented if they are a product of well informed public policy debates ; debates which involve public officials, the academic community, the business sector and civil society. i hope that this seminar, which includes participants from the parliament, government, the business sector, academia and civil society, will strengthen our understanding of the critical issues relevant for oil revenue management and will help to promote public debate about these issues. distinguished delegates, i would now like to invite the honorable minister of finance, planning and economic development to officially open this seminar. bis central bankers ’ speeches

use different technical solutions and environments. hence, it is logical to seek to draw on the synergies between both systems. modernising target2, leveraging the possibilities which are already available in t2s and consolidating the technical and functional components of target2 and t2s services are the primary objectives. the governing council strongly supports these objectives. 1 / 3 bis central banker's speeches in addition, consolidating target2 and t2s provides an opportunity to further improve cyber resilience, to enhance the services offered to users and to establish a single access channel. during the investigation phase of the project, which will run throughout 2017, we will follow up on this year ’ s market consultation that was launched in february with the release of a consultative report on real - time gross settlement ( rtgs ) services. 2. settlement services to support instant payments for the eurosystem, the biggest challenge of digitalisation in the payments industry is to ensure that the introduction of innovative payment products and services that are developed by the market does not reintroduce fragmentation into the european market. that is why the eurosystem fosters the development and implementation of pan - european solutions. one of the most prominent of these innovative services is instant payments. by november 2017 end - user solutions for instant payments in euro should be made available at pan - european level by payment service providers. this means that by november 2017 the european financial market infrastructure has to be ready to clear and / or settle instant payments on a pan - european scale. the governing council has decided that it will launch and closely monitor an investigation with market participants on the necessity of extending settlement operating hours for a subset of its regular settlement services up to 24 / 7 / 365 to allow for real - time settlement of instant payments. instant clearing will be supported by the delivery of an enhanced target2 functionality for the automated clearing houses. the project per se does not question the efforts of the achs to offer instant clearing. this is because instant clearing and instant settlement are complementary services ( since the availability of instant settlement can make instant clearing less costly ). it is true that they are also alternative services ( since instant clearing may replace the need for instant settlement and vice versa ). furthermore, the project is the best guarantee that a pan - european solution for the processing of instant payments will be available since target2 is already a pan - european solution. if deemed feasible, it is understood that real - time settlement of instant