6  BIS central bankers’ speeches  •  For the first time, these inflows exceeded the income repatriated abroad by MNCs operating in Singapore. •  Gross National Income (GNI) per capita became the more relevant measure of Singapore’s income and standard of living than just GDP per capita. The 2020s and 2030s saw the proliferation and convergence of several technological trends that transformed economies and societies globally. •  Rapid progress in digital and mobile technologies, coupled with advanced biometrics and global wi-fi access, made payments virtually costless and highly secure, precipitating an explosion in the growth of digital commerce and digital finance. •  Advances in cloud computing, big data analytics, smart sensors and learning machines transformed the provision of consumer and business services, including financial, legal, auditing, consultancy, and logistics. •  They also spurred a transformation in the provision of social and public services such as telemedicine, online learning, and congestion control, substantially enhancing efficiency and consumer welfare. Singapore was well-positioned for the pervasive digitisation of the global economy that occurred in the 2020s and 2030s, mainly due to two key initiatives that it embarked on in 2015 in the drive towards productivity-led growth: •  The first was the concerted national effort to build and deepen skills at all levels through extensive worker retraining programmes and subsequent introduction of the teaching of digital technology across the education system.
Speech  Structural changes in energy markets and implications for inflation and monetary policy Governor Ida Wolden Bache's introductory remarks at the European Central Bank Forum on Central Banking on 27 June 2023 in Portugal. Good afternoon and thank you for inviting me to take part in this distinguished panel. In my remarks, I will offer some thoughts on how the structural changes in energy markets will affect energy prices, and more generally, inflation before turning to the implications for monetary policy. But let me start with some observations about my home country. Norway is an energy nation and a large oil exporter. Over the past decade, natural gas exports have increased in importance. Norway is highly integrated into the European energy market, primarily through trade in oil and gas, but increasingly also in the power markets. Since Russia’s invasion of Ukraine, Norway has become Europe's largest single gas supplier. Norway is also an important supplier of flexible hydroelectric power. Close cooperation with Europe reflects our common interest in wellfunctioning energy markets during the transition to zero emissions In the years to come, the petroleum sector’s significance to the Norwegian economy will likely decline as petroleum resources on the continental shelf are depleted. Lower activity in the petroleum sector will have consequences for the Norwegian business structure. Substantial investments as well as reallocation of labour and other resources across firms and sectors may be required. Along this path, the green energy transition can be a catalyst.