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.

net debt position and many are now facing funding problems related to an aging population. if the global economy is to recover from the crisis, government debt must be stabilised fairly soon in order to prevent a string of crises in state finances. norway is in a unique position due to government petroleum revenues. monetary and fiscal policy have stimulated domestic demand and output. growth in mainland gdp was higher in the second quarter than projected in the june monetary policy report. household consumption seems to be picking up again. petroleum industry activity has also had a stabilising effect on the norwegian economy. there are plans to develop a number of oil fields on the norwegian continental shelf in the years ahead, but it is likely that these investments will require an oil price of more than usd 60 – 70 per barrel to be profitable. the events of september 2009 spread rapidly to the firms in norges bank ’ s regional network. in august 2009, manufacturing enterprises reported that growth would hold up. in november, the turnaround was described as a “ heart attack ”. norges bank established its regional network in 2002. regular interviews provide information about enterprises ’ assessment of the economic outlook before other official statistics are available. this information is therefore an important part of the decision - making basis in the formulation of monetary policy. statistics norway ’ s quarterly national accounts are available about 50 days after the end of the quarter. the regional network provides figures for the same quarter far earlier. in 2008, the regional network was able to provide clear evidence that mainland output fell markedly in the fourth quarter as early as december of the same year. national accounts figures for the fourth quarter were published more than two months later, on 19 february 2009. employment in norway has held up well through the downturn. it appears that unemployment will be considerably lower than expected. seasonally adjusted registered unemployment was 2. 9 per cent in august. over the past year, the level of unemployment has risen most in the counties of aust - agder, sør - trøndelag, østfold and vestfold and least in sogn, akershus and finnmark. unemployment is highest in oslo, at 3. 9 per cent in august. unemployment may be low because firms have chosen to retain their employees. perhaps firms are opting to keep a certain labour reserve because of recruitment problems and high costs experienced during the previous cyclical turnaround. higher government expenditure has contributed to holding up public sector employment. unemployment may move up if global developments deteriorate