However, the group chaired by Governor Liikanen has come out with the simplest proposal. The second element of the reform of the regulatory framework is that of macroprudential supervision. While microprudential supervision concerns itself with individually considered financial institutions, macroprudential supervision contributes to financial stability by identifying, monitoring and mitigating the risks that may affect the financial system as a whole. While such a concept may not be entirely novel, this crisis has underlined the absence of macroprudential authorities with well-defined mandates in this field and clearly defined intervention instruments. The main advanced economies have set up macroprudential authorities such as the Financial Stability Oversight Council (FSOC) in the United States and, in the United Kingdom, the Bank of England’s Financial Policy Committee. I would just mention that at the Banco de España, too, we have begun work to accommodate our organisational structures to the needs of the macroprudential approach. Thank you very much for your attention. BIS central bankers’ speeches  3
The decline in oil prices partly reflects large oil supply surpluses and lower demand for oil in China and other emerging economies experiencing weaker growth. The effects of the fall in oil prices on the Norwegian economy gradually became evident through 2015 and were particularly pronounced in regions and sectors closely linked to the oil industry. Chart: Petroleum investment The most direct channel through which the fall in oil prices is transmitted to the economy is via the supply of intermediate goods and services to the petroleum industry. Oil companies have postponed or cancelled a number of development projects on the Norwegian continental shelf as a result of the decline in oil prices and have implemented a range of measures to reduce operating and maintenance costs. Total petroleum investment fell by 15 percent between 2014 and 2015. At the same time, lower demand from the global petroleum industry has led to a decline in Norwegian oil service exports. The decrease in activity in the oil industry is having spillover effects on the wider mainland economy. The effects are most pronounced in industries providing goods and services directly to oil companies, but are also clearly evident in a number of other industries. Mainland business investment also showed a fall in 2015, driven by a weaker growth outlook and uncertainty surrounding economic developments. Growth in household consumption has nonetheless remained fairly firm. House prices and housing investment have continued to rise, although the fall in oil prices has had a dampening effect in some areas of the country.