Øystein Olsen: The Norwegian economy and the sea Speech by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at a business sector seminar, in connection with the launch of the new 100-krone and 200-krone banknotes, Lofoten, 30 May 2017. * * * Accompanying slides This is a day I have been looking forward to for a long time – it’s not every day a new banknote series is put into circulation. The last time was in 1994. And being able to hold the launch here in the Lofoten islands is an added bonus. The sea and the Lofoten islands are inextricably linked – the sea is a defining feature of the landscape and a key source of food, employment and recreation. Norway’s coastline is embraced by the sea from the northernmost point to the southernmost tip. The sea has shaped our history and our economy, and from today onwards, it will also feature on Norwegian banknotes. Norges Bank has been governed by our elected representatives since 1816 under a clear mandate: to safeguard the monetary system and the value of our money. Norges Bank’s banknotes and coins are the community’s money, and our trust in the value of our banknotes is closely linked to our trust in each other. With this in mind, it was important to design banknotes that would tell a story about us as a community of people. As the sea is a key dimension in that story, it was chosen as the theme of the new banknote series.
As oil and gas production gradually dwindles, Norway’s petroleum wealth will continue to generate profits in the form of income from the fund. Chart: Per capita GDP. Norway and other countries – 1970 and 2015 The discovery of oil marked the beginning of an extraordinary era for the Norwegian economy. Before oil was discovered, the income level in Norway was low compared with other western countries. Today, the picture has been reversed. We have gradually caught up with the wealthiest countries. Norway’s GDP per capita is one of the highest in the world. Chart: The 1000-krone banknote (The Ocean Wave) For over a thousand years, the sea has been the source of our wealth and the basis of our contact with the rest of the world. New industries and new technology are redefining our coastal and maritime economy. When the Norwegian economy has been hit by waves, we have used the force of those waves to move forward. And we will continue to do so in the years ahead. The shipping industry is one of the world’s most advanced in terms of developing energy-efficient vessels. The pharmaceutical industry is conducting research into the effect of marine-derived products on a variety of diseases. Wind and wave power will be sources of clean and renewable energy. At the same time, climate change and the loss of biodiversity present challenges that must be met. A continued commitment to maritime and marine research in the years ahead will be an important contribution to maintaining sustainable development.