can change almost overnight in response to international politics, economic disturbances or disruptive technologies. recently, a new risk factor has emerged. impacts of global warming are high on the international agenda. policy measures and shifts in consumption patterns and production methods towards lower emissions will reduce demand for fossil fuels. the change to a more climate - friendly policy may have a considerable impact on petroleum prices. 3 / 4 bis central bankers'speeches looking ahead, norway must now be prepared for a time when the petroleum industry is no longer expanding, but gradually declining. we will need innovation and growth in other industries to pick up the slack. we have always known that oil and gas activities will be phased out sooner or later. oil and gas are non - renewable resources. a stricter global climate policy or a greentechnological breakthrough may mean that this will occur sooner than foreseen earlier. in contrast to norway, mozambique is at the beginning of its gas era. i hope the lessons from norway can give you some guidance on your way forward. one main lesson is that depletable natural resources must be viewed as part of a country ’ s wealth. revenues from extracting oil and gas is just a transformation of this wealth and should be managed with a long - term prospective. at the same time, the development of oil and gas reserves can have valuable spillovers to the rest of the economy. not only demand from the petroleum industry, but also innovations and technological skills developed in the industry can be of great value to other sectors. the productivity gains to the economy can be more long lasting than the petroleum industry itself. and never forget : the real test of how a petroleum producing country has managed its fortune, will come when the boom in the petroleum industry ends. oil and gas resources do not last forever. emphasis should therefore be given to further development of human capital as the primary source of long - term prosperity and wealth. thank you for your attention. 4 / 4 bis central bankers'speeches

field of expertise, that can produce groundbreaking research and that are able to attract talent from any part of the world. this is precisely what cemfi has done in the area of economics and finance, and this is why the banco de espana is so proud to have contributed to its creation and development. an independent assessment of the quality of cemfi is contained in the recent evaluation report by three distinguished economists, marianne bertrand and raghuram rajan, of the university of chicago, and nobel laureate jean tirole, of the toulouse school of economics. the report starts with the following bold statement : “ cemfi is a remarkable adventure, both on the research front and in terms of educational achievements. a relatively recent introduction in the landscape of european higher education in economics, cemfi has succeeded in establishing itself as one of the premier research centers and postgraduate schools ( in europe ). ” a number of factors have contributed to this success. first, i tend to think cemfi has 1 / 2 bis central bankers'speeches benefitted from the long - term stability that the institutional support of the banco de espana has given it. second, it has a very good working relationship with the university system, through the agreement with universidad internacional menendez pelayo, which provides the official recognition of the master ’ s and phd degrees. at the same time, it is not burdened by some of the constraints, that make it difficult in continental europe to organise graduate studies comparable to those of the best us universities. third, cemfi has developed over the years norms of behaviour and a collective culture in respect of the admission of students, the hiring and promotion of faculty, and the responsibility and commitment to the institution that are key ingredients for achieving excellence in training and research. finally, cemfi has been fortunate to count on an outstanding leadership that has steered its development over the years. besides the master ’ s and phd programs, and the important contribution of faculty to frontier research, cemfi provides other valuable services. these include the summer school, which brings in leading academics to teach courses in relevant areas to participants, a large number of whom are central bankers. it also organises a highly - demanded summer internship programme for top undergraduate students. and it collaborates with the banco de espana in the training of bank supervisors, and in the organisation of research workshops and conferences. in terms of broader service to spanish society, three faculty members participate in the council on economic advisors that advises the