This was evident from Sweden’s history of uncertainty about government finances and high inflation were Sweden to choose the outsider alternative on the grounds of the insurance argument, this could be perceived as a signal that Sweden’s economic policy would again become accommodating. This risk was also mentioned in the report. The Riksbank fully agreed, on the other hand, that unemployment is a serious problem in the Swedish economy. But we did not consider that this problem could be resolved by remaining outside the monetary union. As the report had indeed pointed out, other measures were needed to improve the workings of the labour market and wage formation. The Riksbank underscored that the necessary structural measures for the labour market would be easier to implement if we had established the credibility of an economic policy for sustainable growth. Does the stronger economy warrant different conclusions? In the light of all that has happened in the past two or three years, the assessments presented in the report and by the Riksbank should perhaps be modulated. The case for an insurance policy and freedom of action was argued at a time when public finances were weak and unemployment was still at a record level. The measures of economic policy had admittedly begun to build up public confidence in a more stable future after the profound crisis in the early 1990s but the outlook was still uncertain. Today the situation is better, with a central government budget surplus and high ambitions for fiscal policy.
Successful organizations depend on "open doors" to maintain transparency and build trust. But what will "open doors" mean to people in future digital work environments? How will the culture of a workplace change if we don't see each other face-to-face as often? In particular, how will we effectively train and mentor junior employees? Finally, current events demand that we be honest about the times we have not lived up to our own standards of equal justice under law and equal opportunity in our economy. Each of us needs to question our role in allowing systemic racism to persist. Our colleagues, stakeholders, and the public in general will ask how we will do better in the near term and the long term—and then they will hold us to it. Thank you for your kind attention, and thank you again to the Union of Arab Banks for hosting this discussion. 1 Lisa Kraidin, Thomas M. Noone, Sean O'Malley, and summer intern Gabe Rosen contributed to the preparation of these remarks. 2 Board of Governors, "Federal Reserve announces extensive new measures to support the economy," Press release (Mar. 23, 2020). 3 Federal Open Market Committee Statement (Mar. 15, 2020). 4 See supra n.2. See also Nicola Cetorelli, Linda S. Goldberg, and Fabiola Ravazzolo, "How Fed Swap Lines Supported U.S. Corporate Credit Market amid COVID-19 Strains,"  Liberty Street Economics (June 12, 2020). 5 "Agencies encourage financial institutions to meet financial needs of customers and members affected by coronavirus," Joint press release (Mar. 9, 2020).