Chart 14: Flesch-Kincaid reading grade level of  Chart 15: Flesch-Kincaid reading grade level of  BoE publications  US Fed publications  UK Political Speeches  8  2016  2012  2007  2002  1997  1992  1987  1982  6  14  Financial Times New York Times  12 10  Washington Post  8  US Political Speeches  6 2016  Tabloid  Beige Book Summary  2012  10  Chair Speech  16  2007  Broadsheet The Economist  12  FOMC Minutes  18  2002  14  MPC Statement Inflation Report  Reading grade level  1997  Governor Speech  20  1992  MPC Minutes  1987  Reading grade level  1982  16  Sources: Nexis, Bank of England calculations  Sources: Nexis, Bank of England calculations  Notes: Newspaper and journal content matches a search for  Notes: Newspaper and journal content matches a search for  ‘monetary policy’. ‘monetary policy’.
This may affect the formation of monetary policy. The risk of conflicts between the inflation target and the need for exchange rate stability is sometimes emphasised in discussions. For several reasons I do not believe we need to be particularly concerned about that. For one thing, ERM2 participation is not an ordinary system of fixed exchange rates but the preliminary stage of acceding to a monetary union in which exchange rates are irrevocably locked. So currency unrest during this period should really only occur in the event of uncertainty about Sweden's EMU participation on account of problems either in Sweden or in EMU. Note that these risks are not really economic but political. Presumably they would also be extremely small in a situation where accession to ERM2 has been preceded by political agreement both in Sweden and in the rest of the European Union. Moreover, currency risks arise as a rule when economic policy is out of step with the fixed exchange rate. If Swedish monetary policy before and during the ERM2 period is focused on price stability and economic policy in other respects is also in line with the direction in the monetary union, the risks of a currency crisis would no doubt be even smaller. Furthermore, the ERM2 period will presumably be comparatively short and directly connected with Sweden's subsequent full participation in the monetary union. If the Swedish economy is in step with the euro area on accession to EMR2, the probability of any serious imbalances having time to arise is therefore small.