The government bill also states that the Riksbank, without prejudice to the objective of price stability, should also support the objectives of general economic policy with the aim to achieve sustainable growth and high employment. The general economic policy that the Riksbank should support is very much a policy for full employment. According to the 2012 Spring Fiscal Policy Bill, the most important objective for the present government’s economic policy is full employment. 2 Full employment has also been an important objective for previous governments. High employment is the same as the highest sustainable rate of employment. The Riksbank therefore writes at the beginning of every Monetary Policy Report that it strives to stabilise employment around a path that is sustainable in the long run. The Riksbank therefore conducts what is generally referred to as flexible inflation targeting. If one follows this line of reasoning, then the Riksbank’s mandate for monetary policy is price stability and the highest sustainable rate of employment. It may be interesting to note in this context that the Riksbank has in principle the same mandate as the Federal Reserve. According to the Federal Reserve Act, the US central bank should “promote effectively the goals of maximum employment and stable prices”. In this case too, maximum employment means maximum sustainable employment. It is sometimes claimed that the Riksbank’s mandate is a so-called hierarchical mandate, while the Federal Reserve’s mandate is a so-called dual mandate.
For the international community, these policies provide a clear signal on the country's seriousness about 2050, despite contributing only 0.7% of global GHG emissions. Along the transition journey, there are risks to manage, and opportunities to be seized. Technology is key. So is finance. Your actions and responses are critical. The partnership between you and your clients is critical. Your clients would need the "How" in terms of new forms of financial instruments – transition finance, adaptation finance and blended finance to name a few. For the SMEs, this goes beyond financing. For instance, they need the "How" in terms of where and how to begin greening their operations, tools to help them understand, measure and track their own emissions profiles. I am delighted and encouraged to see the Malaysian ecosystem and accompanying tools continue to mature. The progress thus far is commendable. But, we must not forget the long road ahead and work still to be done to achieve 2050 in an orderly and just manner. The Bank's experience in engaging with multiple stakeholders offers some insights as to the additional elements needed to further propel our transition. Allow me to share these insights to CAP off our discourse today – that is C for Communication, A for Alignment, and P for Proactivity. 1/2  BIS - Central bankers' speeches  Communication. The economy's transition doesn't just happen in high powered boardrooms and government offices. It happens in the everyday decisions made by households and small business owners.