national strategy for financial literacy. i know that over the course of these webinars, we will learn much more about the priorities, approaches and strategies to advance sustainable finance development across the region. as we absorb the many valuable lessons and experiences shared towards this common goal, i am reminded of winston churchill who said, ‘ it is no use saying we are doing our best. we have got to succeed in doing what is necessary ”. in the end this is what counts. policymakers and the financial industry have a responsibility to do what it takes to succeed in making sure that finance works for sustainable development. let me end here and thank you very much for this opportunity to offer some remarks today. 3 / 3 bis central bankers'speeches

fall, oil companies invested about as much as all businesses in the mainland economy combined. total oil - sector demand 4 amounted to more than 13 percent of mainland gdp in 2014. this is well above current government spending of oil and gas revenues, and also more than the estimate of the permanent income. graph : demand from the oil and gas sector and government spending of oil / gas revenues it has been estimated that one in nine jobs in the norwegian economy was related to oil sector demand in 2014. 5 the step - wise development of oil and gas reserves in the north sea has helped to create a supply industry that has become world leading in special areas. the downturn following the oil price decline in 2014 has highlighted the oil - dependence of the norwegian economy. as oil - sector demand plummeted, the blow to the economy was cushioned by a substantial increase in government spending. this room for manoeuvre in fiscal policy was provided by the significant savings in preceding years. without it, the recent downturn could have become much more painful. intergenerational concerns graph : old - age dependency ratio allow me to move on to another argument for relatively high saving : the intergenerational challenges facing the norwegian economy. like many other countries, we must cope with the challenges associated with an ageing population. as we have developed a more extensive welfare state than many other countries, the impact on public finances is significant. the pension system is basically pay - as - you - go and health care is also funded by the government. an ageing population will therefore weigh quite heavily on public finances. in the 1990s and 2000s the demographic trend was different. during those years, the share of the population 67 years or older actually declined, mirroring low birth rates between the two world wars. since around 2010 the long - term trend towards a higher old - age dependency ratio has resumed. public pension costs have shot up as baby boomers have retired. the burden on the health and long - term care system is rather light at the moment. but this will change in the coming years. with the alternative strategy of spending the permanent income, we would have spent more of the oil wealth in the 1990s and 2000s, when demographic costs for the government were low. the present fiscal rule, on the contrary, allows increased spending of oil revenue also in a period where age - related costs are expected to grow much faster. 4 / 6 bis central bankers'speeches uncertainty a third concern related to wealth management is uncertainty