And what will the ECB be doing on the day the troika returns home? Well, we won’t perhaps be engaging in similarly wild celebrations – we are central bankers, after all. But I suspect that I, and my fellow board members, may raise a quiet toast to the achievement of a country in so admirably fighting its way back to solvency and stability. I wish you continued success in meeting that goal and we stand ready to work with you in achieving this goal. 6  BIS central bankers’ speeches
Norway gradually became an industrialised country, and trade and shipping provided our new nation with much needed income. Moreover, an abundance of natural resources has been essential for our country’s prosperity. Norway never did become a true manufacturing nation. We cannot expect the strong growth in national income we have seen in recent years to continue. Norway is not immune to shifting circumstances and external shocks. But we have a good starting point. The beneficial tailwinds have been put to good use and Norway is in a solid position to tackle challenges when the winds shift. The Constitution is the foundation of modern Norway. This year’s bicentenary of the Norwegian Constitution is an occasion to remember the importance of good institutions that have clearly defined roles. This is essential for stability and progress. Thank you for your attention. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11