network on behalf of investors. bis central bankers ’ speeches norges bank ’ s task is to promote an efficient and robust financial infrastructure. new decentralised technology offers the potential to increase the efficiency of our infrastructure. it is still early days, and we do not know what the outcome will be. but it is still worthwhile to take a closer look at the possibilities. norges bank will start work on assessing safety and efficiency, and other consequences of such solutions. we want dialogue with relevant operators in norway and abroad. both the authorities and market participants should assess the need for standardisation and regulation. the timing for introducing such measures must not impede development in an early phase. i look forward to an active debate. many of the stakeholders participating in that debate are probably here today. safety and contingency arrangements technological advances also have implications for the security and contingency arrangements for our systems, which we as a nation must take seriously. developments occur rapidly. operators want to market new solutions to strengthen their competitive position, which is natural. but payment solutions do not function efficiently if they are not secure and if there is little customer confidence in the solutions. the payment chain includes many stages and they must all function. a chain is not stronger than its weakest link. safety and operational stability must be adequately tested. sound risk analyses are crucial. they provide a guide to risk - mitigation. internet solutions have led to new criminal activities. resource use to combat cybercrime is steadily increasing. this is a price we have to pay to be able to exploit the benefits of the new technology. existing payment solutions cannot be phased out until we are certain that they will be replaced by other solutions that satisfy customer needs and enjoy customer confidence. this is important in normal times, and not least in terms of crisis preparedness. that has a cost, but a situation where payments cannot be executed would entail a much greater cost to society. as such, there can be no compromise with regard to contingency requirements. conclusion norway has an efficient payment system. this is positive, but there is room for improvement. in some respects, other countries are now ahead of us, for example denmark and sweden, particularly in terms of instant payments. payments should be faster than is the case today – both for end users and between banks. we must develop new infrastructure linked to instant payments and render payments faster through today ’ s infrastructure. mobile payments can best be organised based on common underlying solutions. they

stressed the risk that growth may again prove to be weaker than projected. for several of norway ’ s main trading partners, inflation is close to zero. the low level of inflation is partly the result of the fall in many manufacturing and commodity prices, including oil prices. in addition, cost pressures in many countries are moderate after several years of high unemployment and low wage growth. chart : money market rates for trading partners the low level of inflation has led central banks to implement further monetary policy easing over the past year. policy rates are now negative in a number of countries. in addition, several central banks have introduced other instruments to stimulate economic activity and mitigate the risk of deflation. the european central bank ( ecb ) has expanded its asset purchase programme to include government bonds. the riksbank, the central bank of sweden, introduced a government bond purchase programme at the beginning of last year. on the other hand, the federal reserve raised its policy rate for the first time in nine years in bis central bankers ’ speeches december 2015. trading partners ’ policy rates can be expected to remain low for a long period ahead. external developments influence the norwegian economy through several channels : through demand for norwegian goods and services, through financial markets and the exchange rate and, not least, through commodity prices. chart : oil prices the fall in oil prices began in summer 2014 and continued through 2015. oil prices have picked up again somewhat in recent months to just over usd 45 per barrel, but are still at less than half of their pre - fall level. futures prices have also decreased in the past year. these prices now indicate only a moderate rise in oil prices ahead. the decline in oil prices partly reflects large oil supply surpluses and lower demand for oil in china and other emerging economies experiencing weaker growth. the effects of the fall in oil prices on the norwegian economy gradually became evident through 2015 and were particularly pronounced in regions and sectors closely linked to the oil industry. chart : petroleum investment the most direct channel through which the fall in oil prices is transmitted to the economy is via the supply of intermediate goods and services to the petroleum industry. oil companies have postponed or cancelled a number of development projects on the norwegian continental shelf as a result of the decline in oil prices and have implemented a range of measures to reduce operating and maintenance costs. total petroleum investment fell by 15 percent between 2014 and 2015. at the same time, lower demand from the global petroleum industry has led to a decline in norwegian oil service exports. the decrease