would like to use this opportunity to point out that there is no rule that stipulates that, for example, german banknotes are to be exchanged into norwegian banknotes before being exchanged into euro banknotes. the uk, sweden and denmark have so far chosen to remain outside emu. sweden and the uk have inflation targets and floating exchange rates, while denmark ’ s monetary policy is oriented towards a fixed exchange rate against the euro. these three countries are important to norway, both because of their geographical proximity and because they account for close to 40 per cent of norway ’ s foreign trade. if these countries join emu some time in the future, it is possible that the use of the euro by norwegian households and businesses will increase somewhat. however, extensive use of the euro as a means of settling domestic payment transactions is unlikely. in those cases where we have seen partial or total currency substitution, such as in some countries in eastern europe and latin america, it has usually been a result of strongly deteriorating confidence in the local currency. confidence can deteriorate when inflation is high and variable or when government finances are on the verge of collapse. by influencing the volume of nok in circulation, norges bank will always be able to ensure that the internal value of the norwegian krone is maintained in line with the guidelines for monetary policy. if the introduction of the euro increases efficiency and economic growth in the participating countries, this will have positive spillover effects on the norwegian economy. stable economic developments in the euro area are also very important for the norwegian economy. thank you for your attention.

at the location of the purchase or interaction – so - called point - ofinteraction, or poi, payments. in the view of the governing council, these market initiatives would have to fulfil five key objectives. 1. pan - european reach and customer experience customers should be able to make poi payments throughout the entire european union just as efficiently and safely as in their home country. to this end, pan - european reach with wide merchant acceptance and a sound and efficient governance ( see below ) is needed to achieve critical mass, which is necessary for a network industry, and to fully exploit the benefits of the single market. scale will drive consumer adoption and trust, which is pivotal in e - commerce. 2. convenient and cost - efficient a european retail payments solution will only be accepted if it fully addresses user needs and demands. so the solution needs to enable an easy, flexible, secure and user - friendly payment experience for both consumers and merchants. this requires that payments can be performed using different tools and instruments, such as payment cards, mobile phones, wearables and instant payments, as well through other channels and technologies, such as near - field communication. relying on previously unavailable instant payments technology could be the key to designing a solution that is more efficient than existing ones. subsequent cost savings for merchants will eventually lower consumer prices and benefit every citizen. 3. safety and security 2 / 4 bis central bankers'speeches a new european payments solution must comply with all relevant legal and regulatory requirements. it should provide the highest levels of fraud prevention and offer consumer protection with robust complaint and refund procedures. 5 4. european identity and governance a common brand and logo should be adopted to foster european identity. a european governance structure could enable european payment stakeholders to have a direct influence on the strategic direction and business models. these stakeholders should be incentivised to design a payment solution under their governance that meets the needs of european customers. 5. global acceptance to fully meet the needs of end users, a new european solution should also be accessible to merchants based outside the eu, which will reinforce economies of scale and domestic adoption. global acceptance should therefore be a long - term goal. the need for a pan - european market - led solution these five key objectives form the heart of the eurosystem ’ s retail payments strategy. they provide a conceptual vision that should be fleshed out by the private sector. the eurosystem therefore welcomes the strategic initiative of a number of major european banks