curricular activities are selected. i am further informed that the candidates are of exemplary character and are committed to the betterment of their families, societies and the nation at large. ladies and gentlemen, i am also informed that this year, the foundation received several applications from a wide section of candidates. it is gratifying to know that many young men and women wish to have an opportunity to better their education in these trying times. it is for this reason that i call on all of us to assist, foundations like masomo, to increase the number of scholarships so that many more people could benefit from the scholarships. i therefore, urge the donors to the foundation to increase their allocation in the coming year and in future. i also call on other well wishers in this room and outside to support this noble cause. remember, an educated population is a pre - requisite to a country ’ s economic development. this year, the masomo scholarship is conferred on three exceptional and deserving young individuals in ms lenganji nalwamba who is studying electrical engineering, mr. wapatwa silungwe, studying civil engineering and mr. emmanuel mwila who is pursuing agricultural economics. in congratulating you on this deserved achievement, let me remind you that as you accept this scholarship, you have an obligation and duty to the masomo foundation and to the nation at large. it is this strong sense of obligation, duty, and commitments to serve the nation that enabled our fathers and fore fathers serve the nation wholeheartedly and brought us where we are today. as students with a masomo scholarship, each of you will be given a unique opportunity to prove yourself. i urge you to work hard and learn from others around you including those different from you and less endowed than you. let me also mention that as a masomo scholar, your progress and performance will be closely monitored and you will be looked upon as role models. i urge you to set the standards for others to emulate. i am confident that all three of you will live up to the highest standards and will not disappoint us. i once again congratulate you and your parents, for it is only through their guidance and care that you shall continue to succeed. i wish you well in your studies and hope to see the day when all of you will graduate with flying colors. lastly, let me commend the president of this foundation, for the noble work that you undertaking. i hope others

mr gjedrem considers challenges to economic policy in norway address by the governor of the central bank of norway, mr svein gjedrem, at gausdal on 28 / 1 / 99. 1 ) economic policy in norway in norway, fiscal policy has been an important economic policy component for stabilising the demand for goods and services. since 1994, monetary and exchange rate policy have been oriented towards maintaining a stable exchange rate against european currencies. the social partners are responsible for negotiating wages and thereby have a substantial influence on employment. from 1986 to december 1992, norway operated a fixed exchange rate regime. the fixed exchange rate policy introduced in the summer of 1986 served as a nominal anchor for economic policy, and inflation was gradually brought under control. this process was associated with considerable real economic costs in the form of idle production capacity in the period 1988 - 1992. however, the cost of stabilising the economy was hardly greater in norway than in countries experiencing a comparable situation. on the contrary, norway avoided the sustained increase in structural unemployment and the persistent deterioration in government finances experienced by many european countries in the 1980s and 1990s, and which they are carrying with them into the next decade. norway ’ s policy laid the foundation for balanced and broad - based economic growth in the years after 1992. following the decision to allow the krone to float on 10 december 1992, the guidelines for monetary policy were revised. monetary policy was subsequently oriented towards exchange rate stability, but without stipulating a central rate with fluctuation margins. this was formalised in guidelines set out in the exchange rate regulation laid down by royal decree of 6 may 1994. if stabilisation policy is to have the intended effect, all components of policy must function effectively. this has not been the case in the last three years. for several years, average annual growth rates and employment growth have been markedly higher in norway than the average for the rest of europe. in part fuelled by the sharp expansion – 2 – in petroleum investment, pressures built up in the economy, accompanied by growing labour shortages. following the currency crisis in autumn 1992, norwegian interest rates rapidly fell to european levels. the interest rate level in europe fell after the turmoil early in the 1990s. as growth gradually picked up in norway, the economy was stabilised by tightening fiscal policy. in order to stabilise the krone exchange rate, norges bank reduced its key rates at the beginning of 1997 after the krone had appreciated markedly over