A process was therefore initiated in November that amounts to successively taking our foot off the monetary “accelerator”. As the after-effects of the Asian crisis and the financial market turbulence in the autumn of 1998 subsided, a strong economic stimulus from monetary policy was no longer required. In November 1999 and February this year the repo rate was therefore increased by a total of 0.85 percentage points. The analytical and monetary policy challenges that confronted the Riksbank during 1999 were not minor. The strong growth of demand in recent years has been accompanied by paths for underlying and trend inflation that have been weaker than earlier relationships seemed to suggest. A number of reasons have been put forward as to why these relationships may have changed. One reason may be that when inflation has been brought down to a low level, price and wage setting behaviour is different. Households as well as firms in Sweden count on inflation remaining low. Another reason may be increased competition, for instance due to deregulations, globalisation and IT commerce. A third reason may be that our assessments of resource utilisation are faulty and the actual level is lower than we have assumed to date. Economic growth can then be higher for a time, without generating increased price pressure. A fourth reason may be a higher productivity trend and an ability to produce more goods and services without generating increased prices; in other words, a higher potential growth rate.
Setting standards  Remarks given by Dave Ramsden, Deputy Governor for Markets and Banking ISO 20022 Conference, Bank of England 6 December 2018  With thanks to Carsten Jung, Amy Lee, Varun Paul, Neil Pearston, Cameron Penny, James Southgate and Tom Smith. 1  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  Welcome all to today’s ISO 20022 conference. ISO produces a lot of standards, but it’s those related to financial messaging, and in particular payments data which is what we’re here to talk about today. I’m going to open this event by talking a little more about why the Bank, along with Pay.UK and the Payment Systems Regulator (PSR), is so keen to work with the payments industry to deliver this important change to create the conditions for the next generation of innovation in UK payments and internationally. To the Bank of England, data, and the ability to collect, process and interrogate them, is vital to its ongoing ability to deliver its mission. Careful analysis of economic data is a key input into the Monetary Policy Committee’s deliberations. The Bank collects large quantities of data from the firms it supervises; that lets us understand their businesses individually and collectively, and so underpins the decisions of the Financial Policy Committee and Prudential Regulation Authority. In my own area, Markets and Banking, financial market data are crucial for calibrating and managing our own operations and risk management.