I will take a longer perspective and discuss which tools the Riksbank may need to use, especially if the low interest rate scenario that has characterised the past 10 years becomes even more prolonged. The fact that monetary policy measures affect a central bank’s balance sheet has become increasingly common in large parts of the world. This development has been driven by the very low interest rates and the need to make monetary policy even more expansionary. Essentially, it is nothing new – if we go back in time, there are many examples of central banks that have used variation in their asset portfolios as a means of conducting monetary policy. The monetary policy toolbox also needs to take into account changes in the financial system; for instance, we in 1 [25] ---------------------------*This speech grew out of many long discussions held over the spring of 2020. The opinions expressed are my own. At the same time, I would like to thank David Vestin for his help in writing this speech and Petra Frid for her help with the diagrams. I would also like to thank Mattias Erlandsson, Jesper Hansson, Pernilla Meyersson, Ulf Söderström, Anders Vredin, Frida Fallan, Charlotta Edler, Ann-Leena Mikiver, Cecilia Roos-Isaksson and Marianne Sterner for their valuable comments on the speech and Elizabeth Nilsson, Calum McDonald and Gary Watson for their assistance translating it into English. Sweden have, in recent years, seen a development towards a higher share of market financing for Swedish companies.
Heng Swee Keat: The first Shariah-compliant ETF in Singapore Congratulatory remarks by Mr Heng Swee Keat, Managing Director of the Monetary Authority of Singapore, at the Launch of Daiwa FTSE Shariah Japan 100 ETF at SGX Centre, Singapore, 27 May 2008. *  *  *  President and CEO, Daiwa Asset Management, Mr Michihito Higuchi Vice-President and Head of Listings, Singapore Exchange, Mr Lawrence Wong Distinguished guests Ladies and gentlemen, good morning. I am pleased to join you at this ceremony to mark the debut of the Daiwa FTSE Shariah Japan 100 Exchange Traded Fund (ETF), the first Shariah-compliant exchange traded fund to be launched in Singapore. The Daiwa FTSE Shariah Japan 100 ETF will provide retail and institutional investors the opportunity to access the Japanese capital markets via a Shariah-compliant product traded on the Singapore Exchange (SGX). ETFs are one of the fastest growing asset classes in the investment funds industry. They aim to track the performance of indices and provide access to a wide variety of markets. As at the end of 2007, global assets managed via ETFs are estimated to have increased by 41% over the previous year to reach about $ billion while the total number of primary listings has increased by 64% to 1,171. There are currently 18 ETFs listed on SGX covering regional markets such as the AsiaPacific and ASEAN, and individual markets such as China, India, South Korea, Taiwan and Japan, as well as alternative investments such as gold and commodities.