As pointed out in the Economic Commentary “The lower limit of the Riksbank’s repo rate” (Beechey and Elmér, 2009), which was published on the Riksbank’s website last autumn, one cannot find any problems in the financial markets that can be attributed to low interest rates. Since then a few more months have passed. Both the Monetary Policy Department and the Financial Stability Department at the Riksbank closely follow developments in the financial markets and have very good information about them. There are still no signs that low interest rates have entailed any problems with regard to financial stability or the functioning of the financial markets. The profitability of the major banks, in the form of the net interest margin, has been stable and their share of deposits from households has not changed noticeably. The redistribution of capital on the fund market has also been moderate. The financial infrastructure has not been affected by any problems during the period of low interest rates and resilience against disruptions of the financial infrastructure is deemed to be high. The final paragraph on page 28 mentions risks linked to exaggerated lending and rapid increases in house prices. These risks have been closely studied in both the Riksbank’s most recent Financial Stability Report and by Finansinspektionen (the Swedish financial supervisory authority) in its report on the Swedish mortgage market and bank lending (Finansinspektionen, 2010).
Mr President, no company can sustainably grow if it does not provide mechanisms by which employees can influence their working lives. Labour is more than a commodity. Unlike non-living factors of production, such as, machinery and raw materials, the work of human beings raises questions about the impact of work and work relations. As you review your collective agreement frameworks, I wish to remind you that there are a lot of common interests and important interdependencies between employers and employees despite the apparent conflicting interests. For instance firms need workers and workers need jobs. Ladies and gentlemen, there can be no true bargaining without prudent and effective leadership on either side of the table. This kind of leadership is required for us to achieve our collective objectives. We are desirous of seeing a Union leadership, which is well-informed and constantly upgrading their leadership skills for the attainment of organisational goals and workers welfare. In conclusion, I wish to once again implore you to actively participate and take a keen interest in the deliberations of this Forum. It is my expectation that you will have an opportunity to carry out an appraisal of your individual and collective skills and how they impact upon the job market and workers welfare in the financial sector. With these remarks, Ladies and Gentleman, I declare this Forum officially open. I Thank You  2  BIS central bankers’ speeches