The development of new technologies and the appearance of new tools, aimed at making the “customer experience” more fluid or attractive, must also take into account the cardinal principle of consumer protection. This is also a necessary condition for new sustainable and robust economic models to emerge. These areas are currently the main focus of the national and European authorities and the ACPR stands ready to play a full role, drawing on its experience and the dialogue it engages in with the stakeholders. Let me now hand the floor to Patrick Montagner and to the ACPR staff to elaborate on a number of these aspects and I wish you an excellent conference. Thank you for your attention. BIS central bankers’ speeches  3
After his death, Collett’s heirs insisted on maintaining an extravagant lifestyle as if the income was still intact. Their wealth rapidly withered away and in 1829 the coffers were empty. The farm was taken over by the state. 1 The time it took Collett to make a fortune is about the same as it took Norway to build up its oil-based financial wealth. Nearly 40 years after Phillips Petroleum discovered commercially viable oil reserves in the Ekofisk field 2, we have an oil-based sovereign wealth fund worth more than NOK 3 trillion. Few other countries are sitting on such huge financial reserves. But our wealth primarily comes from other sources than the oil fund, now called the Government Pension Fund Global. The value of our current and future labour resources is more than ten times as great as the value of our oil and the oil fund combined. 3 The oil fund would be depleted in three years if government tax revenues were to disappear entirely. Our economic future depends above all on our capacity to produce goods and services that others value. But the visible oil revenues may give the impression that we have a huge treasure trove at our disposal. Sound wealth management is therefore first and foremost a question of maintaining and developing the value of our productive resources, particularly our labour resources. A nation that comes into a large fortune must make a number of choices and trade-offs. They can be considered from a legal, ethical or financial standpoint.