Øystein Olsen: Managing wealth – some thoughts on economic policy and the allocation of national savings Speech by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at a meeting hosted by the Norwegian Embassy, Rome, 29 November 2012. *  *  *  Introduction European economies are currently going through hard times, with repercussions of the crisis still being felt throughout the world economy. For all of us, it is a humbling experience to observe how closely interconnected markets and economies have become across national borders. My intention here this evening is not to point at solutions to the challenges currently facing the euro area. What I can offer, however, is the perspective of a friendly neighbour and a substantial investor. In this modest capacity, I hope to sound a note of optimism from a region of Europe that in its recent past went through a grave crisis, which was followed by a series of reforms and, eventually, the return of prosperity. The Nordic experience with the cycle of crisis, reform and recovery might provide some perspective for those European countries now facing similar challenges. I will also make some remarks on the current situation in financial markets in general, and government bond markets in particular, from the viewpoint of a global investor.
Bank of France reports industrial output continued to make progress in June 1997 BANK OF FRANCE, MONTHLY BUSINESS REVIEW, June 1997. According to the business leaders surveyed by the Banque de France, industrial output continued to make progress in June. Output of consumer and intermediate goods advanced significantly, with a more moderate increase for capital goods, whereas it levelled out in the food-processing industry and slightly dipped in the automobile industry. Capacity utilization rates recovered. Overall demand strengthened both in France and abroad. Export sales grew considerably, in particular to Great Britain, Italy and the United States. Domestic demand rose, stimulated to some extent by inventory replenishment. Order books seem generally satisfactory. While they have emptied out somewhat in the food processing industry, they remain on the full side in the capital goods sector. Inventories are only just above desired levels, despite an increase in the consumer goods sector, and above all in the automobile and food processing industries. In the coming months, activity is likely to intensify across the board, except for the automobile sector which is expected to stabilize. Overall, raw material and finished goods prices changed little. The cost of supplies climbed in certain branches of the intermediate goods sector, mainly due to the rise in the dollar, although these increases were not passed on to sales prices. Business managers continued to take a cautious stance on investment. The little capital expenditure there was primarily concerned the modernisation of equipment and bringing it into line with standards.