Urban Bäckström: Swedish economy in transition  Speech by Mr Urban Bäckström, Governor of the Sveriges Riksbank and Chairman of the Board of Directors and President of the Bank for International Settlements, at the Independent Academy of Building & Construction, on 2 October 2000. *  *  *  Thank you for inviting me to talk with you this evening about the Swedish economy and monetary policy. The issues I have chosen to consider are why the Swedish economy is performing so well and what can be done to ensure that this continues. As you know, output and employment are rising rapidly at present. Annual output growth has averaged 3% over the past six years and the current rate seems to be somewhere between 3 and 4%. Unemployment has come down and is still falling to levels that few had believed possible some years ago, particularly in view of the high European rate. At the same time we have seen that even comparatively low nominal wage increases can result in higher real wages. As a matter of fact, the real wage increases have exceeded most people’s expectations and been higher than for many years. Moreover, inflation has remained low in spite of all this. But monetary policy may still have challenges to face as resource utilisation in the Swedish economy becomes increasingly strained. The current situation also contains a number of risks that have to be assessed.
Mugur Isărescu: The power of the mind Opening address by Mr Mugur Isărescu, Governor of the National Bank of Romania and President of the Romanian Association for the Club of Rome, at the Annual Conference of the Club of Rome “The Power of the Mind”, organized by the Club of Rome, the Romanian Association for the Club of Rome (ARCoR) and the National Bank of Romania, Bucharest, 2 October 2012. *  *  *  Dear colleagues of the Club of Rome, Honoured guests, Ladies and gentlemen, It is a pleasure and a privilege for the Romanian Association for the Club of Rome and for the National Bank of Romania to be the host of the International Conference of the Club of Rome, here in Bucharest, with such a challenging topic: “The Power of the Mind”. As we all know, 2012 is an anniversary year for the Club of Rome, since we are celebrating the 40th anniversary of the first Report to the Club, which was entitled “The Limits to Growth”. When this Report was published, it created shockwaves all over the world, including the communist countries. I can testify this, because I addressed comments concerning this issue when I was a young research fellow, after graduating the University. Actually, I confessed to my colleagues that my first public appearance in 1973 was related to the Club’s first Report. But the debates were not limited to Romania or to Europe. They were manifest all over the world, and are still continuing today.