Other economists, such as Professor Torsten Persson at Stockholm University, estimate the trade gain at one fifth of this. An increased openness towards other countries has a positive effect on growth and on incomes. The European integration should therefore, in my opinion, not be limited to the borders of the EU, but be the first stage towards greater global openness. This openness would also contribute to increased competition, but would not replace a domestic competition policy. Both openness and a tightening up of the domestic conditions for competition would also lead to lower prices and increased welfare. Conclusion  During the 1990s there were a number of structural changes in the Swedish economy, which are together assumed to have increased potential growth. There were extensive reforms in the taxation, social insurance and pension systems. Deregulation, increased internationalisation, EU membership, a credible low inflation policy and stable public finances are other factors which should also have had positive effects. It was also proven during several years in the 1990s that a high growth rate was compatible with a low inflation rate. However, the strong growth in demand in recent years has gradually reduced the amount of available resources. The Riksbank concluded in its most recent Inflation Report, which was published on 19 March, that a significant part of the high inflation rate over the past year can be an indicator that resource utilisation was slightly higher than was compatible with the Riksbank's inflation target.
Conclusion I think I’ve covered a lot of ground in my remarks this morning. I look forward to continuing our dialogue in the coming year – and appreciate the opportunity to talk with you this morning. Thank you. BIS central bankers’ speeches  7