a panel of independent high - profile experts tasked with identifying the shortcomings banca d ’ italia the governor ’ s concluding remarks annual report 2020 in the system for financing the prevention, monitoring and response to pandemics. concrete proposals for overcoming them will be put forward in a framework of cooperation among states, the world health organization and the other international organizations. as regards climate change, the finance track aims, among other things, to achieve a better alignment of the loans and transfers of international financial institutions with the objectives of the 2015 paris agreement, to improve the quantity, quality and comparability of the corporate data on climate risks, and to increase those available to supervisors and investors on the exposure of financial institutions to the same risks. the international conference on climate, to be hosted by the italian presidency on 11 july in venice, will be an important moment for discussing these issues, also in light of the united nations ’ ‘ conference of the parties ’ ( cop26 ), chaired by the united kingdom in partnership with italy, to be held in glasgow at the end of november. as part of the proposals under the aegis of the g20, together with the bank for international settlements, we have also recently launched an international competition ( techsprint ) to find the most promising projects for technology applied to sustainable finance. a roadmap has been prepared for the development of cross - border payments, with the aim of making them cheaper, faster, transparent and inclusive. this envisages drawing up quantitative objectives at global level on how to extend the connections between local systems, on easing regulatory and operational frictions and on innovative technologies. the analysis of the regulatory and supervisory implications regarding global stablecoins and further research into the use of digital currencies and their possible issuance by central banks are part of this sphere. in this regard, the bank of italy is involved in the eurosystem in analysing and testing possible solutions for the introduction of a digital euro. this is a development that must be defined carefully in terms of both timing and modes, also based on the outcome of the recently concluded public consultation. the use of the tips platform set up by the bank on behalf of the eurosystem to settle instant payments in the euro area could be a fundamental part of this. the g20 work on cross - border payments intersects with that on financial inclusion, an area in which the bank is particularly active as co - chair of the global partnership for financial inclusion. the analyses under

growth in the 1990s resulted in a rise in labour costs, which in turn had a dampening impact on growth. moderate wage growth in recent years is being accompanied by a strong cyclical upturn. the increase in the number of employed has been relatively moderate throughout the upturn. employment has shown a smaller rise than in previous cyclical upturns in the 1980s and 1990s, but this is now changing. the labour market continues to tighten at a rapid pace. it is likely that continued strong growth in output and employment will result in a higher rise in prices and costs, but it may take time. according to statistics norway ’ s labour force survey ( lfs ), employment growth picked up markedly towards the end of 2005 and into 2006. lfs unemployment fell further in january, while the number of registered unemployed was approximately unchanged in march. measured in per cent of the labour force, seasonally adjusted lfs unemployment was 3. 9 per cent. the labour supply is also being influenced by an increase in inward labour migration from the new eu accession countries. these changes are difficult to measure in official labour market statistics. the central office – foreign tax affairs recorded an increase of about 7400 employees from the new eu accession countries from 2004 to 2005. this figure covers employees in both norwegian and foreign enterprises. the size of the actual supply of labour behind these figures is uncertain, because there is no information about the duration of such employment relationships. on balance, however, there are signs that the use of foreign labour has contributed to dampening pressures on real economic resources through the upturn. the effect has probably been largest in the construction industry, as evidenced in particular by continued moderate wage growth last year, despite very high activity. the figures for the first quarter of this year indicate that inward labour migration is still rising. there is competition for the best labour in the eu countries. many people have travelled to the uk and ireland in particular, and the barriers to inward labour migration may be greater in the norwegian labour market than in the british and irish labour markets. activity is edging up in the central european countries. therefore, there is uncertainty about how large the supply of labour will be from these countries in the future. there is also considerable inward labour migration from other nordic countries, but measured in terms of number of persons, the supply of labour from these countries has not changed substantially in recent years. swedish nationals have comprised the bulk of the supply of labour from the nordic countries. in view of the tightening