On the ECB Governing Council, then, we have reiterated our readiness to do everything within our power to help the euro area economy overcome the current deep-seated difficulties. This commitment includes, in particular, the possibility of increasing the volume of asset purchases or their duration and of adjusting their composition. The overriding aim is to eliminate any obstacle that may hamper the effective transmission of monetary policy and to prevent euro area fragmentation risks. 26  The role of the financial system in overcoming the crisis In parallel with the multi-faceted economic policy strategy to tackle the crisis, financial institutions should also contribute to mitigating the adverse effects on the various agents in the economy. The aim here is that banks should be in a position to provide financing to agents which, before the pandemic, had a favourable payment record, but which, after it, face sudden liquidity needs. As I stated earlier, banks now have higher solvency levels than in the previous crisis, which should help them play a leading and active role in this setting. So that the financial system may contribute to overcoming the crisis, national and international authorities with prudential powers - which include the Banco de España, the ECB, the European Banking Authority and the Basel Banking Supervision Committee - have adopted certain decisions aimed at preventing a mechanistic interpretation of the prevailing rules with which banks must comply from leading to fewer loans being granted by them just when this is all the more necessary. These decisions affect two differentiated areas.
Øystein Olsen: Managing natural resources - lessons from Norway Speech by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the seminar &quot;Preparing Mozambique for natural gas&quot;, Bank of Mozambique, Maputo, 27 March 2019. * * * Accompanying slides. Let me start by expressing my heart-felt sympathy for the victims of the cyclone that struck your country. I am both honoured and saddened to be here at this difficult time. I can hardly imagine the pain and sorrow so many of your people are now experiencing. Mozambique is a country of great beauty and is now an emerging leader in the natural gas industry.. For Norway, on the other hand, petroleum production peaked some years ago. As a nation, we have benefited tremendously from the revenues and the activities. Let me share some of our experiences with you. Norway is a small, open economy, which was transformed by the discovery of oil on our continental shelf almost 50 years ago. Back in 1970, the year after the first discovery, income levels were relatively low compared with other western countries. That picture has changed completely. Today, Norway ranks among the richest countries in the world. For some countries, natural resource discoveries have been identified as a curse. For Norway, the discovery of oil has been a blessing. We have managed to transform oil and gas resources into real and financial assets.