To construct the decile plot, we calculate PageRank for each provision, rank the provisions (separately for 2007 and 2017), and then split them into ten bins (deciles). We display the mean for each bin, and the 95% confidence intervals (vertical lines). Now, you might say: so what? Different measures give us reads on different aspects of complexity – but of course they don’t tell us, in and of themselves, if it’s ‘good’ or ‘bad’. Banks and we are engaged in complicated lines of business, so unsurprisingly the regulations are complicated. There is a good deal of sense in that perspective, in my view. Perhaps more interesting is what these new analytical capabilities can help us do as a regulator, particularly for the effectiveness of our communications. For example, they can inform policy design by telling us ex ante how a future change in one PRA rule could affect the interpretation of others. And they could identify rules where language could be tightened and which are frequently accessed by web users. And we do want to look harder at the competition aspect. Small firms tell us that complexity is a real challenge and my instinct is that a simpler – simpler, not weaker – regime for small firms could benefit both our safety and soundness and competition objectives. A weaker regime for small banks would be a bad idea, particularly given the steps we have taken under our competition objective to encourage new entrants, who are by definition new and not yet tested in a downturn.
Stefan Ingves: Introduction on monetary policy Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Riksdag's Committee on Finance, Stockholm, 26 February 2008. *  *  *  I would like to begin in roughly the same way as I did when I was last here – by saying a few words about the objective and basic purpose of monetary policy. It is in the light of this that we make our interest rate decisions. And our actions should be assessed against this background. Our most recent economic assessment and the material for assessing monetary policy are also what we are here to discuss today. We must always bear in mind that the basis for monetary policy is the price stability objective which the Swedish people, through the Riksdag, have delegated to the Riksbank. And this is actually not merely an objective, it is also a means. By keeping inflation low and stable, monetary policy shall help to create the best possible conditions for good and sustainable economic development. To do this in the best possible manner we must constantly learn from what is happening and try to become better at what we do. Part of this process involves, of course, examining, assessing and discussing monetary policy in a constructive manner. Here the Riksdag Committee on Finance plays an important role, both in examining and in developing the examination process. The Committee has recently taken several good initiatives.