Such trends can namely also depend on the fact that the real exchange rate, that is, the nominal exchange rate adjusted for relative price levels between Sweden and other countries, is not necessarily constant. If price devel-  7 [21]  opments are approximately the same as abroad, the adjustment of the real exchange rate will occur via trends in the nominal exchange rate. Importantly though, trends in the real exchange rate are determined by structural factors, such as differences in productivity growth among countries. Challenges in communication This is how the debate has been framed. One observation is that the monetary policy conducted by the Riksbank has been the subject of lively discussion, despite its sole purpose having been to fulfil the remit the bank has from the Swedish Parliament, the Riksdag. Furthermore, in recent years the Riksbank has managed its remit well, from a purely objective perspective. I draw two conclusions from this. First, the debate seems to be about the remit itself, even if this is not always apparent. It seems people want the Riksbank to do something other than what it has been tasked to do. Second, maybe we at the Riksbank have not managed to communicate well enough why we have the remit we have, why we need to conduct the policy we have conducted and what the benefits are of having an inflation target of 2 per cent compared with other monetary policy objectives. The fact that the communication has faced challenges is in a way natural.
The second piece examines the high child poverty rate in Puerto Rico and its impact on the long-term economic sustainability of the island and its ability to recover from Hurricane Maria. The island’s child poverty rate is almost three times higher than that of mainland, and has remained stagnant even during times of economic growth, suggesting the issue is not just rooted in labor demand. This chapter discusses the dual programmatic and policy strategy of the Boys and Girls Club of Puerto Rico and its sister organization the Youth Development Institute. Before I conclude my remarks, I would like to provide a quick overview of today’s sessions. First, my colleague Patrick Harker, President and CEO of the Federal Reserve Bank of Philadelphia, will discuss key shifts in perspective needed to see workforce development as an investment. Then there will be three panel sessions, each dedicated to the overarching focus of a volume in the publication – investing in workers, investing in work, and investing in systems. The day will then end with a luncheon panel discussion where speakers from various sectors will discuss what needs to happen to realize the goal of seeing workforce development as an investment in inclusive economic growth that benefits workers, employers, and communities. I am thrilled that we can bring together national and regional leaders representing the private, public, and nonprofit sectors to engage in a dialogue that can inform workforce development programming across the country and learn from one another about the opportunities for investing in America’s workforce.