The standard for countries wishing to participate in the international capital market—the Special Data Dissemination Standard—is being revised to give a better account of the level of foreign reserves and the debt position in individual countries. At country level, moreover, a code for monetary policy transparency and measures for maintaining financial stability is being drawn up by the IMF together with the BIS, central banks, supervisors, the World Bank and the OECD. A fiscal policy code is already in place. 4. Managing future crises Even with these measures, we have probably not yet seen the last financial crisis. A readiness for the management of future crises therefore needs to be created. A central issue in international discussions is the distribution of risks among the parties concerned. While the IMF has been provided with additional financial resources, it neither can nor should be prepared to contribute the main part of what may be needed in a crisis. This is because expectations that any costs will always be carried by someone else can result in an overall increase in exposure to risks, the problem of moral hazard. Such expectations are liable to drive up credit supply and demand and can influence private agents as well as national policy-makers. One way of dealing with moral hazard among private investors is to arrange for them to carry a larger share of the burden in a crisis.
Leif Veggum, director of Norges Bank’s Cashier’s Department, is soon going to tell us about the security features that make the banknotes almost impossible to counterfeit. However, if these features are to work as intended, it is important that, as users, we should familiarise ourselves with them. If you feel that you need to brush up your knowledge, I would encourage you to visit Norge Bank’s webpage newnotes.no, Norge Bank’s Facebook page or order the banknote brochure from Norges Bank. You will still be able to use the old 50-krone and 500-krone banknotes for one year after the launch of the new banknotes, ie until 18 October 2019. So use your old banknotes when you are out shopping or take them to your bank well before the deadline to help make the withdrawal of the old banknotes as smooth and efficient as possible. Good luck with the new banknotes! 2/2  BIS central bankers' speeches