A referendum held in 1919 resulted in a majority vote to ban the import and sale of fortified wines and spirits. However, the ban on fortified wine imports soon had to be lifted. Fortified wine producers in southern Europe were important recipients of Norwegian fish. In the trade war that ensued, Portugal retaliated by imposing high tariffs on Norwegian dried fish. To avoid these tariffs, Norway eventually had to accept the import of large quantities of Port and Madeira wines. Chart: Rise of Norwegian shipping Trade and the cross-border exchange of goods allow countries to exploit their comparative advantages more efficiently. But – as we experienced during the prohibition period – this requires a mutual understanding of the need for open markets. As a small open economy, Norway has always stood to gain from liberal trade regimes. The upswing for Norwegian shipping that began in the mid-1800s is a good example. Shipping had long been an important export industry for Norway, but freight transport mostly comprised goods exports from or imports to Norway. This changed in the mid-1800s. In 1849, England repealed its Navigation Act. Trade with English colonies would no longer be restricted to English ships. Freer world trade led at the same time to higher demand in the shipping freight market. The Norwegian shipping industry made good use of the opportunity: we had good ships, skilled crews and experience of ocean transport. Over the course of the next 25 years, the Norwegian merchant fleet increased four-fold.
With new knowledge and new solutions, the sea will continue to be a force that carries us forward. Chart: The new banknotes More than a thousand years ago, the Vikings brought home the idea that Norway should have its own monetary system. Olav Tryggvason was to be the first Norwegian king to have his name stamped on Norwegian coins. Our methods of payment have changed since then – from coins via banknotes and plastic cards to online and mobile payments. But banknotes and coins will stay with us. Norges Bank’s responsibility is to ensure that they are safe to use – based on the most advanced modern technology. And they should be beautiful – as beautiful as the sea that surrounds us. Thank you for your attention. 4/4  BIS central bankers' speeches