3  3 [20]  The period 2011–2014 – inflation falls far below target In conjunction with the global financial crisis, Sweden’s GDP fell heavily, but the recovery was also surprisingly rapid. In 2010, Sweden’s GDP increased by about 6 per cent, approximately as much as it had fallen in the year before. The increase was mainly due to the recovery in world trade and strengthening in global activity, which benefited Swedish exports and investment. Exports were also helped along by the weak krona. In July 2010, the Riksbank started to raise its repo rate from the level of 0.25 per cent to which it had been cut in conjunction with the crisis. CPIF inflation in 2010 amounted to 2 per cent. 7 The Swedish economy developed strongly and resource utilisation increased rapidly. Until the summer of 2011, the recovery seemed to be continuing at a fairly good pace. By this point, the Riksbank had raised the repo rate in stages to 2 per cent. However, during the summer and autumn of 2011, unease increased over developments in public sector debt in the United States and several euro area countries. Growth prospects abroad deteriorated. This also spilled over onto the Swedish economy. Sweden’s GDP slowed down sharply in 2011, fell slightly in 2012 and only showed modest growth in 2013. Inflation started to fall in 2011 and basically fell until 2014, when CPIF inflation amounted to about 0.5 per cent and CPI inflation to just below zero.
This conference series seeks to bring together top  1/2  BIS - Central bankers' speeches  researchers to present their recent work on topics of critical importance for the Spanish economy, and also distinguished policy-makers to discuss their views on these topics. But past successes are simply a good starting point. CEMFI has ambitious plans. It has a plan to implement a strategic vision for the future (underpinned by rigorous external evaluation), it has outstanding leadership (current and incoming) and it has plenty of talent. All these elements have been brought to fruition this year. In fact, the academic year that we are closing today has been full of good news for CEMFI, starting with the successful restructuring of the Master programme, the refurbishing of the new premises in Casado del Alisal 12, and the increase in the size of the faculty from 16 to 19 members, in line with the Board of Trustees' decision to have 25 faculty members by 2025. Even so, we should never forget, that all this – the premises, staff, faculty, strategic plans – are merely instruments. You, the students at CEMFI are the ultimate purpose. Your education and your future. They are at the core of our decisions. Apart from the Master in Economics and Finance, the other major academic programme at CEMFI is the PhD in Economics. In this respect, I would like to mention that 10 students have already defended their PhD theses or will do so in the near future.