There has been unrest in the financial markets, particularly in recent months, and there have been signs of weaker economic growth in the United States and the euro area, among others (slide 10). But at the same time we are now expecting slightly higher growth in other parts of the world, including Asia and eastern Europe. Our view of growth in the world economy is therefore only marginally changed. Nevertheless, our assessment is that the slowdown in among others the United States, together with the unrest in the financial markets will slow down economic developments in Sweden somewhat. I would therefore like to take the opportunity to say a few words about this, as it has received so much attention in recent months. The financial unrest and how it affects the Swedish economy The weaker growth in the United States and the anxiety that has arisen in the financial markets is largely linked to the problems in the US housing and mortgage markets. This concerns above all the market for sub-prime loans. These are, somewhat simplified, loans to households that do not have sufficient credit rating to be granted a normal mortgage. During the summer there were signs that all was not well. The number of households experiencing difficulties in paying their mortgages had gradually increased. The unrest intensified when it was revealed that several financial institutions had made substantial losses related to the sub-prime market.
Programme, which focuses on specific life events targeting identified groups such as young adults, low income households and public sector officials. For example, one specific programme which was launched last month in collaboration with the Government  2  BIS central bankers’ speeches  aims to reach out to 120,000 individuals from low income households by 2015. The Central Bank also has a customer service centre for the general public to walk-in or call-in if they have inquiries, or need to print their credit report. The CCRIS kiosks use bio-metric identification embedded within the national Identification Card, and the report is produced in less than a minute without any charge. I believe that a holistic approach, combining credit information infrastructure with appropriate financial education interventions and avenues of outreach to consumers, will lead to more prudent financial management behaviours. I would like to take this opportunity to thank the International Finance Corporation for its leadership in the area of credit information reporting, and look forward to continuing to build on our long working relationship. I trust that we will have a productive exchange of ideas to further enhance the roles of credit reporting agencies in the area of risk management and to advance the credit reporting industry as a whole. On that note, I wish you a successful and productive programme, and a pleasant stay in Kuala Lumpur. BIS central bankers’ speeches  3