be 31 october 2016. bis central bankers ’ speeches furthermore, in july 2012 the eurosystem organised a third meeting of the forum on the sepa certification framework. the eurosystem thereby expressed its support for the continued joint efforts being made by the stakeholders. in this case : card schemes, certification authorities, evaluation laboratories, terminal manufacturers and the banking industry. together, they are developing a thorough methodology for the security evaluation and certification of new payment terminals for physical card acceptance. the goal of this multi - stakeholder cooperation is to allow retailers and terminal manufacturers to buy and sell card payment terminals which function securely with all card schemes all across europe. when thinking of card payments and the internet, several things come to mind, such as cumbersome keying - in card numbers and sometimes excessive surcharging. however, my main thought is card fraud. regrettably, even though banks have a great interest in reducing card fraud, and the epc could in theory play a major role, so far it has not engaged thoroughly with this important task. some card schemes and some national card associations have been more ambitious when it comes to addressing card transaction security. fraud is about criminals financing themselves and their activities ; decisions on fraud - prevention should therefore not only be based on a bank ’ s short - term business case, the need to fight fraud is also justified from the perspective of keeping trust in the payment system, and from society ’ s perspective in general. it all shows that, in respect of user convenience and of security, cards were not designed for use on the internet. although measures could be taken to improve this experience, banks should not pin all their hopes on cards when it comes to delivering payment services for the internet. study into costs of retail payments – importance of retail payments in october 2012, the ecb published the results of its study into the costs of making retail payments, conducted in cooperation with 13 ncbs3. for the euro area, these costs amount to around €45 billion, or almost 1 % of gdp. if extrapolated to cover all the 27 eu countries, they would be around €130 billion. the results underline the importance of retail payment services to the people of europe and its economy as a whole. the study offers valuable guidance on how overall cost efficiency can be improved even further. retail payments are an economic factor on their own, representing a market segment dominated by banks – at the moment. research shows that that the performance of banks in eu

question that might be raised is whether there is a queue of sound and profitable projects that have to wait because of an excessively tight fiscal policy. it is difficult to find support for this. 7 in the national transport plan for 2010 – 2019, which can perhaps be considered representative of government spending, spending on road investments is set at around nok 140 billion. the profitability of about two - thirds of the investments has been evaluated. the calculations capture time saved and reduced costs related to accidents and the environment. investment costs and future operating costs are deducted. the projects show a total loss of nok 20 billion. there seems to be few road projects that are economically profitable. a rare example is the finnfast tunnel project that connects the mainland to the beautiful island group here in ryfylke. when projects cannot be expected to increase the future revenue base in society, it is important that the investments are financed from current government revenues within a long - term and sustainable framework. alternatively, projects that involve a large number of users can be financed by user fees. a road, infrastructure or research reports for that matter can provide benefits and satisfaction over time, but they are not liquid and do not generate a flow of returns that can be used for spending. if the investments are made at the expense of the savings plan for the sovereign wealth fund, future generations will have to bear the cost. professor thore johnsen has brought to my attention that the government discount rate is calculated using an arithmetic mean, while the return on the oil fund is measured as a geometric mean. if the fund ’ s return had been calculated using arithmetic mean, the return would have been about 0. 7 percentage point higher for the period 1998 – 2009. recent research indicates that a discount rate of 4 per cent may be somewhat high for investments with a very long horizon, see kare p. hagen and karl r. pedersen ’ s newspaper article “ lønnsom infrastruktur ( profitable infrastructure ) ” in dagens næringsliv, 3 june 2010. let me conclude. the adventures of askeladden are often tales of success. askeladden embraces every challenge and always comes out ahead. it is too early to draw conclusions as to how successful norway has been in managing its oil wealth. in ten years or so, when petroleum production falls markedly and the oil fund is no longer increasing in size, the cost level in norway will have to be reduced relative to other countries. this process