svein gjedrem : the conduct of monetary policy introductory statement by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the hearing before the standing committee on finance and economic affairs of the storting ( norwegian parliament ), oslo, 22 may 2006. please note that the text below may differ slightly from the actual presentation. the statement is based on norges bank ’ s annual report for 2005, inflation report 1 / 2006 and the executive board ’ s assessments published after the monetary policy meeting on 26 april. the charts in pdf - format can be found on the norges bank ’ s website. * * * i would like to thank the chairman of the committee and also thank for this opportunity to report and answer questions on monetary policy in connection with the storting ’ s deliberations on the government ’ s credit report. the account is based on the bank ’ s annual report, but is also updated based on the executive board ’ s assessments for the period to the preceding monetary policy meeting. economic policy in norway faces particular challenges. low prices for imported goods and services, combined with high prices for export goods, have led to substantial terms - of - trade gains for norway. the norwegian economy has experienced a strong positive income shock. such a pronounced improvement in the terms of trade has in fact not been observed since the first world war. real national disposable income will increase by 25 - 30 per cent in the period 2003 - 2006. so far, the increase in income has not led to a pronounced rise in price and wage inflation. businesses are using resources with steadily greater efficiency and the supply of labour has been ample. nevertheless, in the face of such strong external influences, it is demanding to smooth developments in the norwegian economy. our stabilisation policy rests on four pillars, which were established in the 1990s and in 2001 against the backdrop of the wide fluctuations in economic developments during the first twenty years of the oil age in norway. under the oil fund mechanism, increased government petroleum revenues are invested abroad. this curbs the impact of price fluctuations on domestic demand and production - and on inflation and the krone exchange rate. a floating krone exchange rate also has a stabilising effect, as the exchange rate normally appreciates in favourable periods and depreciates during adverse periods. at the same time, the fiscal rule that provides for a steady phasing - in of petroleum revenues and the inflation target

mario draghi : post - trade harmonisation and financial market integration in europe opening remarks by mr mario draghi, president of the european central bank, at the conference “ post - trade harmonisation and the integration of financial markets : a joint effort ”, organised by the european central bank and the european commission, frankfurt am main, 19 march 2013. * * * ladies and gentlemen, i am very pleased to welcome you to frankfurt today and to open this important conference on post - trade harmonisation and financial market integration in europe. this conference is the result of a joint effort between the european central bank and the european commission, and i would like to thank the organisers for putting together such an excellent programme. i am very pleased to see that so many distinguished speakers from both the public and private sectors have agreed to share their views on how post - trade harmonisation will contribute to financial integration in europe. in times of severe economic challenges, it is particularly important that our commitment to achieving a truly single european market is reaffirmed. as we all understand, a wellfunctioning internal market generates many benefits, including lower prices, more freedom of choice for individuals and better opportunities for firms. what europe has achieved so far is indisputable – and it is often taken for granted. people sometimes focus on perceived difficulties caused by the single market from an individual or national perspective. but it is important to acknowledge the huge benefits of european integration for our daily lives and day - to - day business. greater financial integration is a key part of building the single market – and something that improves the functioning of national financial systems. financial integration leads to better risk - sharing and diversification, it makes markets deeper and more liquid, and it encourages competition, which in turn reduces the costs of intermediation. in addition, financial integration fosters more efficient allocation of capital, higher productivity, and stronger and more sustainable non - inflationary economic growth. financial integration is essential to making europe stronger, so it is very important to the ecb ’ s governing council. we are fully committed to making it happen, especially at a time when the fragmentation of the single financial market has led to fragmentation of the single monetary policy. as you will be aware, the disruptive effects of severe fragmentation in the single financial market have tangible consequences, such as diverging funding costs for banks. this has resulted in the uneven transmission of our interest rate reductions to firms and households across the euro area. for this reason, the