The emergence of an advanced oil service industry is an industrial success story. We have extracted large quantities of oil and gas in a period of very high prices. And we have set aside a large proportion of the revenues – for the benefit of future generations. In spite of some mistakes and a fair share of luck along the way, we would have to say that Norway’s petroleum wealth has so far been managed well. Norway’s oil age is far from over. But activity in the petroleum sector has passed the peak. We must also be prepared for lower returns in the oil industry. In the period ahead, we should keep an important insight in mind: the key to economic progress is the ability to restructure. Thank you for your attention. 4  BIS central bankers’ speeches
I invite our guest to share his vision on aspects such as economic policies development in Europe, economic and social trends, euro convergence and the reform steps needed. His lecture will provide an excellent occasion for all of us to get a better grasp on what lies ahead for the Union and for the Euro Area. I hope that Prof. Sapir’s lecture will offer each of you a better view of what lies ahead. I am sure he will willingly answer your questions. I invite Professor André Sapir to take the floor and I wish you a rewarding debate. Thank you. 2/2  BIS central bankers' speeches