Government finances have also improved markedly since the effects of the acute crisis in the early 1990s were overcome. After rapid budget consolidation, a surplus of 1.6 per cent is forecast for 1998. Government debt has been reduced since 1995. Still, the restoration of confidence did take a long time. There were strong and persistent doubts about both the determination and the ability of the Government and the Riksdag (Sweden’s parliament) to carry out the proposed measures. Finally it is worth noting that the steps for reorienting economic policy on stability were taken with a consensus that was considerably broader than is sometimes suggested by the political debate. A good foundation for the years ahead has now been laid, although high unemployment is still a serious problem for Sweden’s economy. The positive picture is underpinned by institutional reforms to the budget process and the status of the Riksbank. 2. Three fields of importance for monetary policy Now I should like to turn to some issues or policy fields that are of major practical importance for monetary policy. They are: fiscal policy, the labour market, wage formation and competitive conditions in the Swedish economy. It is generally the case that the more price stability is supported by other policy fields, the greater the contribution monetary policy can make to other economic policy goals. Good fiscal foundation but storing up for lean years is advisable Fiscal policy is relevant for monetary policy in a number of ways.
Although the electronic platform being launched today will not be able to meet all of these, I still hope that it will prove to be the starting point for something new and contribute to an eagerly-awaited renaissance for Swedish fixed income trading. Good luck! BIS Review 37/2001  3