svein gjedrem : economic perspectives address by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the meeting of the supervisory council of norges bank, oslo, 15 february 2007. please note that the text below may differ slightly from the actual presentation. * * * introduction the poet rolf jacobsen would have been 100 years old this year. he was particularly interested in geography. in an interview with telemark arbeiderblad in 1971, he stated that the bible was a work of substantial importance, but that the same could be said about the comprehensive guide to public transport in norway. 14 in one of his geography poems, he writes : “ when the sun is shining on china the stars are twinkling here. and the reverse. asia is vast. half the earth ’ s land mass [... ] 15 yes, asia is vast. the rapid expansion in china and other asian countries is of growing importance to norway. these countries are a major source of cheap consumer goods and services and demand for our raw materials. ole karlsen ( editor ) ( 1993 ) : frøkorn av ild ( seeds of fire ). om rolf jacobsens forfatterskap, landslaget for norskundervisning, cappelen fakta. source : from the poem ” nar solen skinner pa kinesere ” ( when the sun is shining on china ) in rolf jacobsen ’ s collection of poems ” nattapent ”. gyldendal norsk forlag a / s 1985. interest rates, inflation and the business cycle the norwegian economy is now booming following the pronounced upswing since summer 2003. the upturn followed a period of slower growth as from 1998 and a mild recession in 2002 and into 2003. even though there have been cyclical changes, growth has been very high over the past 15 years. norway is one of the nations that has gained most from trade liberalisation and increased cross - border flows of capital, technology and labour. norway has experienced the benefits of shifts in the division of labour across countries and regions. first, norway ’ s terms of trade have improved markedly. we can buy one and a half to two times the volume of imports for the price paid for our exports than was the case only 5 - 6 years ago. prices for oil and gas, shipping, fish, industrial commodities and engineering products have increased considerably. moreover, norwegian import

##9370e1f173a8 / ml / 2019 – 05 – 27 - afs - anlage - faq - data. pdf. financial stability board ( 2011 ), “ policy measures to address systemically important financial institutions ”, november 2011, available at : www. fsb. org / wp - content / uploads / policymeasures - to - address - systemically - important - financial - institutions. pdf. financial stability board ( 2017 ), “ framework for post - implementation evaluation of the effects of the g20 financial regulatory reforms ”, july 2017, available at : www. fsb. org / 2017 / 07 / framework - for - post - implementation - evaluation - of - the - effects - of - theg20 - financial - regulatory - reforms /. 1 see german financial stability committee ( 2019 ) and german financial stability committee ( 2019a ). 2 consultative and final reports are available at : www. fsb. org / work - of - the - fsb / implementation - monitoring / effects - of - reforms / 3 see financial stability board ( 2011 ). for details see the terms of reference ( www. fsb. org / 2019 / 05 / evaluation - of - too - big - to - fail - reforms - summary - terms - of - reference / ). the final report is scheduled for the g20 presidency in 2020. 4 www. fsb. org / 2019 / 05 / fsb - launches - evaluation - of - too - big - to - fail - reforms - and - invites - feedback - from - stakeholders / 5 for details, see, voxeu. org / article / prudential - policies - crossing - borders 4 / 4 bis central bankers'speeches