svein gjedrem : ethics and the government pension fund – global dinner speech by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the conference “ investing for the future ”, oslo, 16 january 2008. * * * minister, ladies and gentlemen, we are gathered here for a conference – and a dinner – centred on ethics. at this venue, it is obvious that no one will be cheated, and each will get his or her due. clearly, no one should need to leave this place hungry, or unfairly treated. for that we are truly grateful. norges bank is proud, and fortunate, to be the manager of the global part of the government pension fund. and we are proud that norway has been one of the frontrunners in promoting the idea of ethical investment. although the debate has broadened over the past few years, some criteria for the management of the fund have been in place since the beginning : we must have leaders and employees who do their job in a morally impeccable way. we must also make sure that environmental sustainability and social issues are factored in, since they are crucial to future returns, and to the fund ’ s legitimacy. and there should indeed be barriers against certain acts and investments, no matter how profitable, basically because ethical behaviour is a goal in itself. in addition to our job of managing the investments, we have been given the task of being active and engaged owners of our global stock portfolio. being engaged internationally is, fortunately, a trait by which norwegians are known. maybe we do not always succeed in our endeavours. but the idea of not being engaged, of not using our influence, of not taking the long - term perspective, and instead just standing on the sidelines, is foreign to us. this fund is global in the truest sense of the word, and it does have a say through its equity holdings, even if this influence is subject to clear limits. the authority to do so is laid down in the mandate and guidelines. it is a task that we have taken on with great commitment and a strong sense of purpose. the management of the fund is of course subject to certain requirements. but when considering what these requirements should or should not comprise, it is important to tread carefully. even though globalisation has reduced the emphasis on national borders, we must show caution when we invest in foreign markets – because when we do so, we are entering our

christian noyer : new year ’ s wishes to the paris financial community mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, presents his new year ’ s wishes to the paris financial community, paris, 21 january 2013. * * * ladies and gentlemen, i would like to start by extending my warmest wishes to you, your colleagues and your institutions for 2013. admittedly, 2012 was a difficult year, but it was above all a fruitful year that marked a turning point in the euro area crisis. crucial decisions were taken, providing lasting solutions to enhance and safeguard the functioning of our monetary union : the implementation of the european stability mechanism ( esm ) ; the treaty on stability, coordination and governance ; the new agreement on greek debt ; and lastly, the banking union agreement, on which i will speak in greater depth. this progress was achieved through a collective effort : the ecb and the eurosystem played a decisive role in restoring confidence, thanks especially to a new and particularly powerful tool : outright monetary transactions ( omts ). today, there are no longer any doubts about the irreversibility of the euro. at the national level, countries have shown that they were capable of taking all possible measures to reduce their deficits and to put their public finances on a sustainable footing while undertaking the structural reforms necessary for a return to growth. i hope that 2013 will be the year in which this progress is consolidated and built upon. today, i would like to give my views on the challenges that lie ahead this year. i believe that the four main challenges are to : • adapt to an environment that is still changing rapidly ; • resolutely pursue efforts to strengthen the resilience of the financial system by preparing for and implementing new regulations ; • further improve the competitiveness of the paris financial centre ; • continue to support the economy by ensuring the best possible financing conditions. 1. a rapidly changing legislative and regulatory environment first, your working environment will continue to evolve rapidly, in terms of both international financial regulation and france ’ s legislative framework. 1. 1 a few words on the draft banking reform law in france the financial crisis highlighted some major shortcomings of international banking and financial sector regulation as well as the inadequacy of the tools at the supervisory authorities ’ disposal to reduce and address risks. the draft banking reform law reflects the commitment of the president of the french republic to separate activities that are