areas : - ensure that the legal and regulatory framework is not an obstacle to innovation and development - monitor market structure, market developments and the market performance, and ensure that conditions are conducive to competition - monitor the development of safety and operational standards and evaluate the effect of such standards on competition in the market - provide settlement services in a way that contributes to efficient and safe solutions in the rest of payment system the report considers how central banks should work in order to achieve the goal of efficient retail payment systems and it identifies four areas in which central banks can become involved. • ensure that the legal and regulatory framework is no obstacle to innovation and development. • monitor the market structure, market developments and market performance and ensure that conditions are conducive to competition. • monitor the development of safety and operational standards and evaluate the impact of these standards on competition. • provide settlement services in a way that contributes to efficient and safe solutions in the rest of the payment system. we will place emphasis on these recommendations in our future work on retail payment systems. the ecb has recently reviewed a proposal that key retail payment systems should also comply with six of the core principles for systemically important payment systems established by the bis / cpss. it is up to each country ’ s central bank to determine which retail payment systems are important and must therefore comply with the six recommendations. the proposal implies that retail payment systems must have a well - founded legal basis. the individual participant should have a clear understanding of the financial risk connected with participation in the system. further, the retail payment systems should ensure a high degree of safety and operational reliability and should have satisfactory contingency arrangements. the system should also provide efficient and practical payment solutions. the system should have objective and publicly disclosed criteria for participation, which permit fair and open access, and the system's governance arrangements should be effective, accountable and transparent. the ecb suggests in addition that the four remaining core principles may be applied to retail payment systems. of these, the ecb is of the view that the core principle concerning final settlement on the day of value should receive highest priority. norges bank has not made a thorough evaluation of the norwegian retail payment system in relation to the six recommended core principles. nevertheless, i will present some preliminary assessments of where the norwegian retail payment system stands in relation to these recommendations. 12. ecb proposal for core principles for retail systems i. the system should have a well founded legal basis under all relevant jurisdictions. ii.

and raising public awareness and understanding of life insurance. we see lia as a key partner in facilitating the fair process and developing the insurance industry. i congratulate lia on your golden anniversary and wish you many more fruitful years ahead. thank you. bis central bankers ’ speeches