Turning to fiscal policies, all euro area governments need to show their inflexible determination to fully honour their own individual sovereign signature as a key element in ensuring financial stability in the euro area as a whole. The Governing Council takes note of the fiscal commitments expressed in the Euro Summit statement of 26 October 2011 and urges all governments to implement fully and as quickly as possible the measures necessary to achieve fiscal consolidation and sustainable pension systems, as well as to improve governance. The governments of countries under joint EU-IMF adjustment programmes and those of countries that are particularly vulnerable should stand ready to take any additional measures that become necessary. It is crucial that fiscal consolidation and structural reforms go hand in hand to strengthen confidence, growth prospects and job creation. The Governing Council therefore calls upon all euro area governments to accelerate, urgently, the implementation of substantial and comprehensive structural reforms. This will help the euro area countries to strengthen competitiveness, increase the flexibility of their economies and enhance their longer-term growth potential. In this respect, labour market reforms are essential and should focus on measures to remove rigidities and to enhance wage flexibility, so that wages and working conditions can be tailored to the specific needs of firms. More generally, in these demanding times, moderation is of the essence in terms of both profit margins and wages.
Lim Hng Kiang: Opening of the Norges Bank Investment Management’s Singapore office Remarks by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore, in celebration of the opening of the Norges Bank Investment Management’s Singapore office, Singapore, 1 July 2010. *  *  *  Minister Sigbjørn Johnsen, Governor Svein Gjedrem, Ambassador Janne Julsrud, Ladies and Gentlemen, Good evening. 1. It is a pleasure to be here to celebrate the opening of Norges Bank Investment Management’s (“NBIM”) Singapore office. 2. The opening of NBIM’s investment office here is an affirmation of the growing importance of Asian markets in the portfolios of many long-term investors like NBIM. It also reflects Singapore’s role as a key location to manage Asian investments. Your presence here will not only bring you closer to the markets you invest in but also help form stronger ties with partners in this part of the world. 3. Among the Sovereign Wealth Funds or SWFs around the world, NBIM is widely regarded as a role model for transparency and governance. Being one of the earliest SWFs, NBIM has built up a strong reputation of excellence and leadership in investment and risk management, governance and talent management practices. NBIM has stayed focused on its objective to preserve and grow wealth for the future generations of Norwegians by diversifying its investments internationally and developing a talented investment team. Your track record has been most enviable. 4.