Adherence to the terms set forth in the operating circular represents an indispensable element of a depository institution’s endpoint security program, designed to protect both the individual institution and the network at large. Attention to these security responsibilities regrettably is no longer the exclusive 2/4  BIS central bankers' speeches  purview of technologists and auditors, but compels awareness and direct engagement of executive management and directors. Collectively, these measures represent material enhancements in endpoint security controls supporting the payment system. At the same time, given an escalating threat environment that is not static, we cannot stand still. Therefore, looking forward, we are presently considering another wave of application level enhancements to give depository institutions greater control of their payment activity, such as an exploration of tools that will identify anomalous payments relative to historical patterns; contemplating a further expansion of real-time monitoring to include all depository institutions; and considering adoption of an assurance program to enhance confidence that external endpoints are operating in adherence with security requirements. We recognize, especially in the resiliency and security domains, that either intentionally we are progressing or inevitably we are regressing; given the technological sophistication and guile of our adversaries, there is no idleness. Conclusion Let’s pivot in conclusion from the age of electronic payments to the payment form of antiquity. Many of you will shortly tour the gold vault, the largest such repository in the world, representing approximately one third of the world’s known supply.
4  BIS Review 132/2007  A strong Swedish economy with increased cost and inflationary pressures… If we begin with the situation at home, it is clear that the Swedish economy is continuing to show strong growth (slide 5). We see increased cost and inflationary pressures ahead of us and there are a couple of main factors in this development that I wish to highlight. Strong growth Both the statistics in the National Accounts and the survey of Swedish companies carried out by the Riksbank confirm the picture of strong growth in Sweden. Although the rate of increase in GDP has slowed down slightly, it remains fairly high and is expected to be around 3 per cent this year. Our assessment is that we are in a situation where we are currently making more use of economic resources than normal. If we look ahead, we are expecting GDP to grow slightly more slowly up to 2010 than it has in recent years. This is due to several interacting factors; we believe that productivity and the labour supply will increase more slowly, and that international growth will be lower. In addition, we are expecting the interest rate to rise gradually, the exchange rate to be stronger and investment to increase at a slower rate. These factors subdue growth. … and tighter labour market Despite the fact that GDP growth has been strong for several years, it was not until 2005 that employment began to increase (slide 6).