To increase confidence in the long term, however, we  2  This figure may vary somewhat depending on how it is calculated. 3  See also the article “The EMU and the debt crisis in Europe” in the Monetary Policy Report of February 2012. 2  BIS central bankers’ speeches  need real changes and the credible implementation of requirements for sustainable public finances. Nevertheless, the situation looks much better now than it did in the autumn. If we look outside Europe, we can see the beginnings of a turnaround in the US economy and China, for example, is still experiencing good growth. Despite this, however, we should probably expect the impetus to the Swedish economy from abroad to be limited over the next few years, mainly due to weak development in Europe. Inflation and growth prospects justify keeping the repo rate low Developments abroad, and above all in Europe, are thus highly important to the Swedish economy. But the development of domestic demand, for example household consumption, was also weak in the second half of 2011. Since then, however, we have received a number of somewhat more positive signals. Share prices have risen since the end of last year and confidence indicators are clearly pointing in the right direction, although from relatively low levels. There is thus potential for an eventual increase in household demand. Growth may gradually increase. The main objective of monetary policy is to keep inflation close to the target.
The banker must therefore have deep regional knowledge and strong networks to deliver solutions for this client. Gaining exposure to Asian markets will therefore put him in a better position to assume greater responsibilities over time. Our ecosystem to develop human capital MAS wants to see more of our finance professionals in Singapore build up these three dimensions of expertise. And there is a strong ecosystem in Singapore to nurture this process. First, MAS and the Institute of Banking and Finance have established a set of industry standards for Asian financial practitioners, through the Financial Industry Competency Standards (FICS). •  This offers finance professionals a clear roadmap for building competencies as they progress in their career, across different job roles and levels. •  Through this framework, we aim to build a strong pipeline of Singaporean talent and leaders in finance, so that our people can avail themselves of the opportunities that a growing financial industry will create. Second, our industry associations are playing an important role in supporting talent development within specific sectors. •  The Life Insurance Association of Singapore, for instance, is working with the Singapore College of Insurance, to develop a talent framework that provides structured training and development opportunities for insurance professionals. •  The General Insurance Association of Singapore is running a global internship programme which seeks to provide undergraduates with hands-on experience at insurance firms overseas. Third, we have in Singapore, fortunately, a strong academic and intellectual climate or platform to deepen specialisation in finance.