Krugman, Paul (2014b), Apologizing to Japan. The Opinion Pages, The New York Times, October 30. Malmqvist, Peter (2014), Låg ränta bäddar för överhettning. (Low repo rate paves the way for overheating) Svenska Dagbladet Opinion, 19 July. Mian, Atif and Sufi, Amir (2014), House of Debt. University of Chicago Press. Mitelman, Henrik (2014), Nu blir Ingves börsens bästis. (Now Ingves is the stock market’s best friend) Dagens industri newspaper, 29 October. Münchau, Wolfgang (2014), What central banks should do to deal with bubbles. Column, Financial Times, July 13. OECD (2011), OECD Economic Outlook, No. 89, May 2011. Schularick, Moritz and Taylor Alan M. (2012), Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008. American Economic Review 102(2). Smets, Frank (2013), Financial Stability and Monetary Policy: How Closely interlinked? Sveriges Riksbank Economic Review 2013:3. Jubilee issue. Stein, Jeremy C. (2013), Overheating in Credit Markets: Origins, Measurement, and Policy Responses. Speech at “Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter”, research symposium sponsored by the Federal Reserve Bank of St. Louis, St. Louis, Missouri. 12  BIS central bankers’ speeches  Summers, Lawrence (2014), Washington Must Not Settle for Secular Stagnation. Financial Times, 5 January. Svenska Dagbladet (2014a), Krugman har fel om svensk bubbla. (Krugman is wrong about a Swedish bubble) Interview with Lars Svensson, SvD Näringsliv (business section of Svenska Dagbladet newspaper), 14 January. Svenska Dagbladet (2014b), ”Nollränta är som att kasta bensin på en brasa”.
•  Through the work of our business line specialists, we are developing a better understanding of the businesses you all are engaged in, including improving the dialogue with the front office and getting to know those business leaders. This has given us a much improved window into your strategies – into how you are thinking about the changes you will make and need to make in the face of increased regulation, increased regulatory pressure, competition and future economic growth. Areas where work remains Of course, there are many more areas where progress is being made, but those are the ones that I would highlight for you today. And, while I tend to be a “glass half-full” kind of person, I am also a realist and recognize the tough road ahead to continue implementing the kinds of changes needed across the system to achieve the end state of a more resilient, better managed and less complex financial system. In this regard, I’d highlight four areas where additional work is needed across firms and supervisors/regulators: 1. Resolution planning  2. Coordinating supervision across global organizations  3. Bank Secrecy Act/Anti-Money Laundering (AML/BSA) compliance  4. Culture of firms and the system  1. Resolution planning  I noted earlier that resolution planning was an area where progress had been made – and it has.