michelle w bowman : fostering closer supervisory communication speech by ms michelle w bowman, member of the board of governors of the federal reserve system, at the conference of state bank supervisors, washington dc, 2 april 2019. * * * thank you to the conference of state bank supervisors ( csbs ) for this opportunity to share my perspective and some of my goals as a federal reserve board governor on issues of interest to you and many in your states. 1 i emphasize that word “ perspective ” because the view from washington can be very different from how things look in your states and communities. no one knows that better than i do, of course, because not so long ago, i was sitting where you are, enjoying the dinner provided by csbs and hearing the perspective from washington. i ’ m still enjoying the dinner tonight, but find i am now, so to speak, also on the menu. and in this position, as part of the federal reserve but also still deeply rooted in my experience as a community banker and state regulator, i ’ ll offer my thoughts on forging a closer relationship and strengthening communication between the board of governors and state banking commissioners. first, to establish some context, let me say a few words about the fed ’ s role and perspective on supervising community banks. the lion ’ s share of community banks are those with total assets of $ 500 million or less, with the fed defining the sector as those with up to $ 10 billion in assets. the federal reserve directly supervises 731 state - chartered community banks, which is only a small share of the number of state - chartered banks overseen by csbs members. the fact that this is only a small share of the total might sound to some people like the federal reserve has only a small role in community banking. but it ’ s important to remember that the fed is the primary federal supervisor responsible for all bank and thrift holding companies, a total of 3, 912. this includes the vast majority of all community banking organizations. the fed also influences the supervision of all community and regional banks by developing both safety and soundness and consumer rules to implement laws passed by congress, applicable to insured depositories and their holding companies. typically this is done in collaboration with other federal agencies and after seeking the public ’ s input. i mention congress and these other agencies to emphasize that the fed shares responsibility for writing and implementing federal regulations for community banks. now, let me describe my role. in addition to my broader responsibilities in

svein gjedrem : the global economy and norwegian monetary policy address by mr svein gjedrem, governor of the norges bank, at the southern norway conference, kristiansand, 6 march 2001. * * * introduction over the past few centuries, norway has been transformed from one of the poorest countries in europe to one of the richest, thanks to its profits from international trade. foreign capital was important for the utilisation of norwegian natural resources. cross - border capital flows have increased sharply, particularly in recent years. the chart shows norwegian inward and outward direct investment. these are strategic investments involving ownership interests of 10 per cent or more, unlike portfolio investments that normally involve small stakes. norwegian companies'direct investment came to nok 74 billion last year. the figures were boosted by substantial acquisitions abroad by telenor and norske skog. over the past two years foreign companies'investment of this type in norway came to around nok 100 billion. over time, norwegian acquisitions abroad and foreign acquisitions in norway are more or less balanced. the state is accumulating substantial foreign assets through the government petroleum fund. as result of these investments, norway is in a net asset position vis - a - vis abroad. in addition norwegian insurance companies and securities funds have markedly increased their foreign investments in recent years. at the same time, norwegian banks finance a large share of their lending through foreign capital, and foreign investors are steadily increasing their share of norwegian securities holdings. what we are seeing is a sharp increase in private holdings of assets both in norway and abroad. this constitutes the core of globalisation. capital finds its way to the highest return irrespective of national borders. challenges posed by a global capital market the norwegian capital market is part of a nordic market, which is being increasingly integrated into an international capital market. capital markets are a very efficient tool for channelling funds from savers to investors. capital markets act as a catalyst for restructuring and growth, but also for financial bubbles and crises. this places new demands on economic policy. if a country is to benefit from a free capital market, it must draw up legislation providing for regulations and supervision that ensure stability. countries with poorly developed capital markets may benefit from some limitations. they should exercise some caution in opening these markets too suddenly. the flow of capital is like electricity. adequate insulation should be in place before it is turned on. when the nordic countries liberalised credit markets in the 1980s, we experienced considerable