It is important, however, that the Riksbank’s monetary policy does not unnecessarily hamper decreased unemployment, particularly as the estimates of equilibrium unemployment are somewhat uncertain. So all the other information about labour market tendencies should also be considered. When the economy is moving closer to its capacity ceiling, certain statistical phenomena can be expected to occur more clearly and frequently. The same applies to anecdotal information in such a situation. What I have in mind is, for example, bottleneck problems in the labour market and signs of difficulties in recruiting skilled labour. Another phenomenon is an increased propensity to resort to labour disputes, in the form of regular strikes or wildcat behaviour. Moreover, firms may have to compromise over job qualifications and take on less skilled personnel in order to cope with demand for their goods or services. Some such signs have been observed in recent months. Firms are already finding it difficult to recruit computer consultants, for instance, as well as some other categories of personnel. The situation in some parts of Sweden is also more strained than in other parts. This suggests that the economy is moving towards a situation where firms find it increasingly hard to keep up with demand for goods and services; a situation, in other words, where demand is rising too rapidly. At the same time, the bottleneck problems are still fairly limited. There are no signs as yet of more widespread shortages that might generate unsettling inflationary impulses.
Faced with Brexit, Europe has the additional imperative of not letting sources of systemic risk for the EU grow outside the EU. In this regard, the proposal recently made by the EU Commission is a step in the right direction, but it should be streamlined and strengthened to make sure that euro-denominated clearing activities are supervised and so located in the European Union when they exceed certain thresholds. One additional word about cyber-risks: as we have been reminded by the two viral attacks carried out in the last two months, we are at the same stage that medicine was at before Pasteur and vaccinations. The challenge is to take swift and decisive actions to enhance cyber resilience in the financial system, building notably on the G7 recommendations: the G7 is, at this stage, the key forum to act. 2. Two requirements to consolidate what we have achieved so far. Although there are still some areas of work, tremendous progress has been made since the crisis to enhance the resilience of the global financial system. I believe that two requirements are necessary to consolidate our achievements. The first one is to remain vigilant to avoid any backtracking. As you know, the US Treasury recently published a “Report”, exploring the  2  possibility of adjusting its national banking regulations iii . Some adjustments to national regulations, applying for instance to locally-active entities, or the Volcker rule, may indeed be deemed appropriate and legitimate.