Annual address by Governor Svein Gjedrem
In his annual address, the central bank governor discusses the financial crisis and its effects on the global economy. He gives an account of the broad range of instruments implemented by the authorities to counteract the consequences, both internationally and in Norway. He also raises the issue of the necessity of a new financial architecture involving closer cooperation across national borders. Finally, he discusses how small advanced economies have benefited from international capital markets and how the management of the Government pension Fund – Global has resulted in increased ownership in the business sector in Europe, the US and Asia.