Diagram 4  Cumulative change in employment 1960-96 T housands 100 10 00  Public employment  800 80 0  600 60 0  Total employment  400 40 0  200 20 0  0  Private employment  -200  -4 00 60  65  70  75  80  85  90  95  Source: Statistics S weden  The great challenge Sweden faces in the future development of employment is evident from Diagram 4, which shows that for a long time there has been no net increase in private sector jobs. This is the trend that must be broken. While there has certainly been some increase in employment in boom years, in the subsequent downturns virtually as many jobs have BIS Review 38/1997  -9-  disappeared. The overall increase in employment has come from an expansion of public sector jobs; one million jobs were created in this sector between 1960 and 1990. Now that, for various reasons, the political system has been obliged to arrest the public sector’s expansion, employment has also fallen.
2  “Principles for the sound management of operational risk”, BCBS 2011. BIS central bankers’ speeches  1  This systemic risk derives first from the dramatic development of interdependencies across financial intermediaries due to increased automation in financial activities, including in clearing and payment activities, which are a major vector of interconnection. The systemic risk also derives from the possible loss of confidence from the general public in electronic payments that would be triggered by a failure to protect the integrity and reliability of data processed by these payment systems. However, responses to cyber threats can conflict with other established priorities. This is particularly true for financial market infrastructures. For instance, the principle 17 of the CPSS-IOSCO on operational risk clearly states the business continuity requirements for financial market infrastructures. Business continuity plans should aim for the timely recovery of operations, resuming operations within two hours after disruption, and settlement should be ensured before the end of the day in extreme conditions. However, meeting this requirement is raising specific challenges in case of a cyber-attack or in case data is found to be corrupted, when the highest priority might no longer be a swift resumption of operations, but to first recover the quality and integrity of data in order to avoid any risk of contagion. This is also true for the access that could be granted to third parties for accessing online a payment account in order to assist in the initiation of payments.